Binance Futures will delist and update the leverage and margin tiers of certain COIN-M perpetual contracts. In this context, the exchange will close the positions and delist the contracts on May 20 and 21. Binance warned users to adjust their positions to avoid exposure to liquidation.
Binance will delist margined perpetual contracts of 4 altcoins
According to the official announcement, Binance will open KNC/USD, ICX/USD, XTZ/USD coin margin perpetual contracts and ROSE/USD, APE/USD coin margin perpetual contracts at 17:00 on May 20, 2024 and at 17:00 on May 21, 2024. It will automatically liquidate at :00. The exchange will remove these altcoin margined perpetual contract trading pairs following liquidation.
Meanwhile, Binance Contracts will update the leverage and margin ladder for KNC/USD, ICX/USD, XTZ/USD, ROSE/USD, and APE/USD coin-margined perpetual contracts on May 10 at 18:30. The exchange stated that existing positions opened before the update will be affected. Therefore, he strongly recommended that users adjust their positions to avoid possible liquidation.
The exchange will not allow users to open new positions
Binance recommended that users close their open positions before the delisting time to avoid automatic settlement. The exchange will not allow users to open new positions for the contracts in question as of the following dates.
- May 20, 11:30 UTC: KNCUSD, ICXUSD and XTZUSD COIN-M perpetual contracts.
- May 21, 11:30 UTC: ROSEUSD and APEUSD COIN-M perpetual contracts.
Warnings for users!
cryptokoin.comAs you follow from , Binance makes such decisions after reviews. It warns users about some issues to prevent this transition from being problematic. In this context, the stock exchange made the following warning:
In order to protect users and prevent possible risks in extremely volatile market conditions, Binance Futures adjusts the maximum leverage value, position value and maintenance collateral at each collateral level, updates funding rates such as interest rate, premium and limited funding rate, price, etc. for the above-mentioned contracts. may take additional protective measures without further announcement, including but not limited to changing the components of the index and using the Last Price Protected mechanism to update the Mark Price.
Binance stated that it will automatically transfer all KNC, ICX, XTZ, ROSE and APE positive balances in CM Wallets under the Portfolio Collateral account to the Cross Collateral Wallet once settlement is completed. For those who do not have a Portfolio Collateral account, the balances in their CM Wallets will be transferred to the Spot Wallet. Additionally, all KNC, ICX, XTZ, ROSE and APE negative balances in CM Wallets under the Portfolio Margin account will be automatically refunded after settlement is completed.
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