Binance Futures To Delist These Crypto Perpetual Contracts

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In a recent statement, Binance has chosen to remove USD-M perpetual contracts for NEM (XEM), Orbs (ORBS), and Loom Network (LOOM). This decision affects users who frequently trade derivatives related to these assets. Binance recommends that users handle their active positions to prevent any automatic settlements during this transition. As a result of the announcement, the values of these tokens have decreased by around 5% to 7%, indicating market uneasiness.

Binance Announces Delisting of XEM, ORBS and LOOM Perpetual Contracts

Binance announced that it will no longer support USD-M perpetual contracts for XEM, ORBS, and LOOM tokens starting from December 9 at 09:00 UTC. This move is part of the platform’s routine evaluation of products to maintain top-tier performance and minimize risks for its users.

As of December 9, at 08:30 (UTC), it will no longer be possible for traders to initiate new contracts. Any existing positions must be closed prior to the delisting time to prevent automatic settlements. If this is not done, the Funding Rate Arbitrage Bot will automatically close all strategies associated with these pairs.

The trading platform has proposed safety strategies for unpredictable market situations too. Some of these safeguards involve modifying the limits on leverage, position values, and margin levels, altering funding rates, and adjusting price index elements. It’s crucial that users exercise caution, stay informed about updates to minimize potential disruptions.

This statement demonstrates Binance’s forward-thinking strategy in preserving the platform’s authenticity and shielding users from unpredictable market fluctuations. As a leading cryptocurrency exchange, Binance consistently updates its services to match the changing needs of the market.

Price Movements and Volume Trends Amid Delisting

After Binance announced it would delist certain cryptocurrencies, their prices have noticeably dropped. Notably, the price of NEM (XEM) has fallen by 7%, currently trading at approximately $0.026. Its lowest point in the last 24 hours was $0.02527, while it peaked at $0.02828.

The price of ORBS has decreased by 6% currently sitting at $0.03301. Its lowest and highest points over the past 24 hours were $0.03177 and $0.0355, respectively. As for Loom Network (LOOM), it’s declined by 4%, trading at $0.07367 at this moment.

Regularly, Binance carries out evaluations to maintain asset compliance, which may involve removing certain tokens from their platform during these assessments. This action can lead to a significant drop in prices, as demonstrated by the cases of IDRT, KP3R, OOKI, and UNFI in November.

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2024-11-29 11:51