Binance Futures, a leading cryptocurrency derivatives exchange, has made the decision to delist several cryptocurrencies from its platform. Among these are the USDⓈ-M perpetual contracts for STPTUSDT, SNTUSDT, MBLUSDT, RADUSDT, and CVXUSDT. This move comes as part of the exchange’s ongoing efforts to ensure the integrity and efficiency of its trading offerings. The delisting process will involve the closure of all positions and the initiation of automatic settlement procedures.

Notably, the delisting and automatic settlement will occur on different dates for each contract. Specifically, the STPTUSDT, SNTUSDT, and MBLUSDT contracts are scheduled to close on May 13 at 09:00 (UTC), while the RADUSDT and CVXUSDT contracts will follow suit on May 14 at 09:00 (UTC). Once the settlement process is complete, these contracts will be removed from the platform, signaling the end of their trading availability on Binance Futures.

Leverage and Margin Adjustments

In conjunction with the delisting of certain contracts, Binance Futures will also implement adjustments to leverage and margin tiers for the affected perpetual contracts. These changes are set to take effect on May 6 at 10:30 (UTC) and will impact existing positions that were opened before the update.

Users are strongly urged to take proactive measures to adjust their positions and leverage accordingly in order to mitigate any potential risks of liquidation. Detailed tables outlining the specific adjustments to leverage and margin tiers will be provided by Binance Futures in the announcement to assist users in navigating these changes effectively. By aligning leverage and margin requirements with market conditions, Binance Futures aims to uphold the stability and resilience of its trading ecosystem while safeguarding the interests of its users.

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User Recommendations and Protective Measures

As part of its commitment to user safety and risk management, Binance Futures has issued important recommendations and precautionary measures for its users. First and foremost, users are advised to proactively close any open positions associated with the delisted contracts prior to the specified delisting time. Failure to do so may result in automatic settlement, potentially leading to unintended consequences for traders. Furthermore, users will be restricted from opening new positions for the affected contracts starting from specific dates.

Specifically, trading for STPTUSDT, SNTUSDT, and MBLUSDT contracts will be restricted from May 13 at 08:30 (UTC), while RADUSDT and CVXUSDT contracts will follow suit from May 14 at 08:30 (UTC). Additionally, Binance Futures reserves the right to implement additional protective measures as deemed necessary, including adjustments to leverage limits, position values, and maintenance margins, as well as updates to funding rates and price index constituents.

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The post Binance Futures Set To Delist These Cryptos, What Next? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am