Binance to delist WAVES, OMG and XEM on June 17, sparking price plunges
Quick Take
- Binance announced Waves, OMG Network, Nem and Wrapped NXM will soon be delisted from its platform.
- The prices of the respective tokens were hit significantly by the news.
Binance will delist 
OMG
+1.33%
Network, Waves 
WAVES
+3.68%
, Nem and Wrapped NXM 
WNXM
+0.50%
on June 17 — halting spot and margin trading for the pairs.
Binance wrote that several factors are generally taken into account when delisting coins and tokens, such as a lack of trading volume, quality or commitment to the project, network stability and others.
Token prices took a hit on the news, with Waves dropping nearly 30%. The project has own blockchain, exchange and wallet and enables decentralized applications and token issuance.
The price of Waves dropped significantly on the news that Binance would delist it. Source: The Block Price Pages
OmiseGO likewise dropped 27% at the time of publication. OMG, the native token of the OMG Network (previously OmiseGo), is an Ethereum Layer 2 project that positioned itself as a scaling solution for Ethereum.
The price of OMG Network's coin dropped significantly. Source: The Block Price Pages
RELATED INDICES
Meanwhile, 
XEM
-2.99%
dropped over 30%. XEM is the token of NEM, or New Economy Movement, a blockchain that utilizes a “proof of importance” consensus mechanism to ensure a more even distribution of rewards for those who participate in the network.
XEM dropped by more than 30%. Source: The Block Price Pages
Withdrawals of the soon-to-be-delisted tokens will still be possible until Sept. 17.
The Block reached out to the teams of the affected tokens for comment.
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