Attention Cryptocurrency Investors: Binance Delists Four Altcoins 🚫
Are you a cryptocurrency investor using Binance as your primary exchange platform? If so, you need to be aware of the recent delisting announcement made by Binance. The world’s largest crypto exchange has decided to cease support and trading on all spot and margin pairs for four altcoins. Starting June 17, Binance will no longer be supporting altcoins including Waves (WAVES), OmiseGo (OMG), Wrapped NXM (WNXM), and NEM (XEM).
Binance’s Periodical Review and Delisting Criteria
- Binance conducts a regular review of each digital asset to ensure they meet industry standards and requirements.
- Factors evaluated during the review include trading volume, liquidity, network stability, safety, fraudulent conduct, and regulatory compliance.
- When a coin or token no longer meets these standards or if the industry landscape changes, Binance may delist it to adapt to evolving market dynamics.
Impact on Investors and Trading Volume 📉
- Following the delisting announcement, the token saw a sharp plunge of 25% in value.
- Currently, the token is trading at $1.67, and its trading volume has surged over 1340% as investors readjust their holdings.
Binance Halts Cash Payments for P2P Trades in India 🇮🇳
If you are a cryptocurrency enthusiast in India who utilizes Binance for peer-to-peer trades, there’s important news for you. Binance’s India arm has decided to halt the cash payment option for P2P trades, impacting local traders who used Indian rupees (INR) to avoid tax regulations.
Risk Associated with P2P Cash Transactions 💸
- Purushottam Anand, the founder of a Bengaluru-based blockchain firm, highlighted the risks associated with P2P cash transactions.
- Physical and financial risks are prevalent in such transactions, as parties may face physical assault and coercion during face-to-face meetings for asset transfers.
Hot Take: Stay Informed and Secure Your Crypto Assets 🔒
As a crypto investor, it is crucial to stay informed about platform updates, especially when it involves delistings and changes in trading options. Ensure the security of your digital assets by following the guidelines set by Binance and other exchanges.
Sources:
1. Binance Announcement on Delisting Altcoins
2. Binance’s India Halting Cash Payments for P2P Trades
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