Binance DELISTS Major Altcoin Contracts

By Vince • August 11, 2023 1:15 pm • Comments

Binance recently made a major announcement that could indicate deeper problems with the altcoin ecosystem and the world’s largest centralized exchange itself.

According to a recent announcement from Binance, the exchange will be delisting two notable perpetual futures contracts from its platform:

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ADABUSD and MATICBUSD perpetual contracts will no longer be available for trading as of August 17th, 2023.

Cardano and Polygon represent two of the most significant altcoin networks, and this recent move may signal that Binance continues to suffer from assorted legal and financial troubles. …

Will the exchange move to outright delist more major altcoins from its platform?

Binance announced on August 10, 2023:

Binance Futures will close all positions and conduct an automatic settlement on the USDⓈ-M ADABUSD and MATICBUSD Perpetual Contracts at 2023-08-17 09:00 (UTC). The contracts will be delisted after the settlement is complete.

In addition, Binance Futures will adjust the leverage and margin tiers of the USDⓈ-M ADABUSD and MATICBUSD Perpetual Contracts at 2023-08-10 12:30 (UTC), as per the tables below.

Existing positions opened before the update will be affected. It is strongly advised to adjust the position and leverage prior to the adjustment in order to avoid any potential liquidation.

Users are advised to close any open positions prior to the delisting time to avoid automatic settlement.

Users are not allowed to open new positions for the aforementioned contracts starting from 2023-08-17 08:30 (UTC).

In order to protect users and prevent potential risks in extremely volatile market conditions, Binance Futures may undertake additional protective measures toward the USDⓈ-M ADABUSD and MATICBUSD Perpetual Contracts without further announcement, including but not limited to adjusting the maximum leverage value, position value, and maintenance margin in each margin tier, updating funding rates such as the interest rate, premium and capped funding rate, changing the constituents of the price index, and using the Last Price Protected mechanism to update the Mark Price.

The crypto community didn’t fail to take notice of Binance’s recent announcement regarding MATIC and ADA perpetual futures contracts.

Coin Edition explained:

Binance Futures is a trading platform by Binance that allows its users to trade quarterly and perpetual futures contracts.

While quarterly contracts expire after three months, perpetual contracts do not have an expiration date.

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