Binance, one of the leading cryptocurrency exchanges, recently announced two important updates for its users. These changes affect both USD Coin (USDC) transactions and certain perpetual futures contracts on Binance Futures. Here are the details…
USDC transactions will stop on the TRON network
Effective April 5, 2024 at 05:00 UTC, the exchange will discontinue support for deposits and withdrawals of USDC tokens on the Tron (TRC20) network. This decision is in line with Circle’s recent discontinuation of USDC minting services on the Tron Blockchain. Important items on the subject are as follows:
- USDC deposits made via TRC20 will no longer be transferred to user accounts after April 5, 2024, 05:00 UTC. USDC deposits made via TRC20 after this deadline will not be reflected in your Binance account.
- USDC trading on Binance is not affected. Users can continue to buy and sell USDC on the platform using other supported networks.
- USDC deposits and withdrawals via other networks will not be affected. This means you can deposit and withdraw USDC using alternative blockchain networks powered by Binance.
Binance Futures delists some altcoin pairs
Binance Futures, the derivatives arm of the platform, announced changes to certain perpetual contracts in a separate announcement. On April 1, 2024, at 12:00 UTC, Binance Futures will close all open positions on the three altcoin pairs. Additionally, these couples will achieve automatic reconciliation on permanent contracts. The pairs are as follows: USDⓈ-M ANTUSDT, DGBUSDT and CTKUSDT. Once the deal is completed, these contracts will be permanently delisted.
Additionally, Binance Futures will adjust leverage and margin tiers for the aforementioned perpetual contracts with immediate effect. This update will affect existing positions opened before the change. Binance strongly recommends users with open positions on the affected perpetual contracts (USDⓈ-M ANTUSDT, DGBUSDT and CTKUSDT) to adjust their positions and leverage levels before the update on March 25, 2024 at 13:30 UTC. This proactive approach will help users avoid potential liquidations due to revised collateral requirements.
What will be the outcome of these developments?
The end of USDC support at TRC20 reflects a broader trend in the cryptocurrency industry, where exchanges are increasingly focusing on networks that are considered more secure and reliable. The delisting of certain perpetual contracts on Binance Futures may signal a shift in the platform’s strategic focus towards certain cryptocurrencies. It is very important for users holding USDC on the Tron network to withdraw their funds before the April 5 deadline.
It is important for Binance Futures users with open positions in affected perpetual contracts to review the updated margin and leverage requirements and adjust their positions accordingly to avoid potential liquidations. By being informed about these upcoming changes, exchange users can ensure a smooth transition and continue their trading activities effectively.
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