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Cryptocurrency News Articles
Binance Futures Delists Five Cryptocurrencies Amid Regulatory Squeeze
May 10, 2024 at 08:46 pm
Binance Futures has delisted five cryptocurrencies, including ApeCoin, due to regulatory pressure. The exchange will close all positions and conduct automatic settlements for the affected perpetual contracts on May 20 and 21, after which the contracts will be removed from the platform. Binance also plans to adjust leverage and margin tiers for the affected contracts, impacting existing positions opened before the update.
Binance Futures Delists Five Major Cryptocurrencies Amid Heightened Regulatory Scrutiny
In a significant development that has sent shockwaves through the cryptocurrency community, Binance Futures has announced the impending delisting of five major cryptocurrencies, including ApeCoin (APE), effective May 21, 2023. This move comes amidst escalating regulatory scrutiny faced by the exchange on a global scale.
Binance Futures, a leading derivatives trading platform, has disclosed its intention to terminate all positions and execute automated settlements for the COIN-M perpetual contracts involving the following cryptocurrency pairs: KNCUSD, ICXUSD, XTZUSD, ROSEUSD, and APEUSD. The closures are scheduled for May 20 and May 21, respectively. Upon completion of the settlements, the aforementioned contracts will be delisted from the platform, rendering them unavailable for trading.
Furthermore, starting today, Binance Futures will implement adjustments to the leverage and margin tiers of the affected perpetual contracts. These modifications will impact existing positions opened prior to the update.
ApeCoin, which soared to prominence as a highly sought-after cryptocurrency, has been particularly affected by this decision. Despite its status as a top 100 crypto asset and impressive trading volumes exceeding $40 million daily on Binance, ApeCoin joins the ranks of the delisted assets.
Binance's move is not without precedent, as the exchange has faced mounting regulatory pressure in recent months. The regulatory crackdown has resulted in severe consequences for Binance, including a four-month prison sentence for its former CEO, Changpeng "CZ" Zhao, and a record-breaking fine of $4.3 billion imposed on the exchange.
In light of the delisting of these major cryptocurrencies, Binance Futures strongly advises traders to exercise caution and take necessary precautions to avoid potential liquidations. Users are urged to adjust their positions and leverage before the aforementioned adjustments come into effect to minimize any negative repercussions on their holdings.
While the full implications of this delisting remain uncertain, it underscores the heightened regulatory scrutiny that cryptocurrency exchanges are facing globally. Binance's decision serves as a reminder of the evolving regulatory landscape and its potential impact on the cryptocurrency market.
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