Binance Announces Removal of Four Cryptocurrencies Due to Absence of Industry Standards

Binance, the largest cryptocurrency exchange in the world, will no longer support and trade four altcoins due to a lack of industry standards. The delisted altcoins include Waves, OmiseGo, Wrapped NXM, and NEM. Binance conducts regular reviews of digital assets to ensure they meet high standards and industry requirements. Factors evaluated during the review process include trading volume, liquidity, network stability, safety, fraudulent conduct, and regulatory requirements. Deposits of the delisted altcoins will not be credited to user accounts after June 18, and withdrawals will not be supported after September 18, 2024. Following the delisting, the Waves token experienced a significant drop in value. In India, Binance has halted the option for cash payments in peer-to-peer trades, impacting local traders who used this method to avoid tax regulations. Cash transactions pose physical and financial risks, with cases of physical assault and forced asset or cash transfers during in-person meetings.