Binance Delists Perpetual Contracts for Select Assets, Impacting Derivatives Traders
Binance has revealed that it will be removing USD-M perpetual contracts for several cryptocurrencies, including NEM (XEM), Orbs (ORBS), and Loom Network (LOOM).
This move will impact traders engaged in derivatives trading for these assets. The exchange has advised users to close their open positions ahead of the delisting to prevent automatic settlements, which are set to occur on December 9 at 09:00 (UTC).
Following this announcement, the prices of these tokens have dropped between 5% and 7%, signaling concerns in the market.
The delisting process will begin on December 9 at 08:30 (UTC), when traders will no longer be able to open new positions in these contracts. Binance has warned users that any remaining open positions after this time will be subject to automatic settlements.
READ MORE: Tether to Discontinue Euro-Pegged Stablecoin, Focus Shifts to MiCA-Compliant Projects
Those who fail to act in time risk having their arbitrage strategies closed. Additionally, the exchange has introduced measures to address potential volatility, including changes to leverage limits, margin tiers, and funding rates. Binance continues to take steps to protect its users while maintaining platform stability in a dynamic market environment.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
