Binance Futures delists USDⓈ-M 1000LUNCBUSD contract ensures a smooth transition.

Traders are urged to adjust positions before leverage and margin tier changes.

Binance enhances risk management measures for market volatility.

Binance Futures, one of the leading cryptocurrency derivatives exchanges, has announced the closure and delisting of the LUNC Perpetual Contract. 

The closure will be accompanied by an automatic settlement of all positions, ensuring a smooth transition for traders. This decision is part of Binance’s continuous efforts to optimize its product offerings and enhance the user experience. 

Adjustments to Leverage and Margin Tiers: Precautions Advised

In line with the upcoming delisting, Binance Futures will also change the leverage and margin tiers of the USDⓈ-M 1000LUNCBUSD Perpetual Contract. Effective immediately, these adjustments will impact existing positions opened before the update. To mitigate the risk of liquidation, users are strongly urged to review and adjust their positions and leverage settings ahead of time.

By taking proactive measures, traders can safeguard their investments and ensure a seamless transition during this period of change. It is important to note that users will no longer be able to open new positions for the USDⓈ-M 1000LUNCBUSD Perpetual Contract from 2023-06-08 08:30 (UTC) onwards.

Enhanced Risk Management Measures and Protections

Binance Futures prioritizes the protection of its users and acknowledges the volatile nature of the market. Consequently, the platform may implement additional risk management measures for the USDⓈ-M 1000LUNCBUSD Perpetual Contract. These measures, which include adjustments to maximum leverage, position value, maintenance margin in each margin tier, and updates to funding rates and the price index, aim to minimize potential risks associated with extreme market conditions.

To ensure transparency and fair trading practices, Binance Futures may utilize the Last Price Protected mechanism to update the Mark Price, thereby preventing discrepancies. The platform will closely monitor the situation and take the necessary actions to uphold market integrity and protect its user base.

Binance Futures’ decision to delist the USDⓈ-M 1000LUNCBUSD Perpetual Contract underscores its commitment to providing a secure and reliable trading environment. By automating settlement and adjusting leverage and margin tiers, Binance aims to streamline its product offerings and improve the user experience. Traders are encouraged to take precautions, review their positions, and adjust leverage settings to avoid potential liquidation risks.

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Filed under: Bitcoin - @ June 2, 2023 12:32 am