Cessation of Margin Trading Binance will cease margin trading for OMG, WAVES, WNXM, and XEM at 06:00 UTC on 2024-06-12. Users are advised to transfer these tokens from their margin wallets to their spot wallets and top up their margin balance before the deadline to avoid liquidation risks.
Portfolio Margin Users Portfolio margin users should monitor the Unified Maintenance Margin Ratio (UniMMR) closely. Binance will automatically convert all OMG, WAVES, WNXM, and XEM balances in cross margin wallets under the portfolio margin account to USDT from 06:00 UTC on 2024-06-12. This conversion process may take approximately 24 hours or longer.
Binance Convert and Gift Card Binance Convert will delist these tokens and all associated pairs at 03:00 UTC on 2024-06-11. Similarly, Binance Gift Card will delist these tokens at 03:00 UTC on 2024-06-17. Users are encouraged to manage their gift cards containing these tokens in advance.
Binance Pay Binance Pay will also delist these tokens at 03:00 UTC on 2024-06-12. Users should update or cancel their trading bots before the cessation to avoid potential losses.
Trading Bots Services Binance will terminate trading bots services for these spot trading pairs at 03:00 UTC on 2024-06-17. Users are strongly advised to update and/or cancel their trading bots prior to the cessation of trading bots services.
Our Experience At CryptoUpdate.io, we personally lost $10,000 due to this delisting on our 2-year WAVES long position on futures. This action raises significant concerns about Binance’s trustworthiness. To be considered a reliable exchange, Binance should allow clients with open positions on delisted pairs to maintain those positions until they choose to close them. Instead, Binance forces the closure of these positions, often at a loss, which appears to benefit the exchange financially. This situation raises serious questions about the exchange’s integrity and client-focused practices.
