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Binance removes 5 currencies from the futures market

Binance Futures, the futures trading arm of cryptocurrency exchange Binance, has announced major operational changes that will impact various perpetual contracts. The exchange plans to delist and adjust leverage and margin levels for STP (STPTUSDT), Status (SNTUSDT), MovieBlock (MBLUSDT), Radworks (RADUSDT), and Convex (CVXUSDT) contracts.

These updates will take effect next week. This represents a crucial change for traders and investors who use these tools.

Fall in prices of written off assets

Starting May 6, 2024 at 10:30 UTC, the Binance Futures platform will update the leverage and margin requirements for the mentioned contracts. This change is a proactive measure to align with market conditions and improve transaction security. Traders of these contracts are advised to re-evaluate their strategies, particularly their leverage settings, to avoid possible liquidation.

After the changes, the Binance Futures system will prevent new positions from being opened in these contracts. Automatic settlements for all positions will begin after 1.5 hours on their respective dates.

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“Users are not allowed to open new transactions for the contracts mentioned above from the following dates: 05/13/2024 at 08:30 (UTC): STPTUSDT, SNTUSDT, MBLUSDT (...) perpetual contracts; 2024 at 08:00:30 (UTC): RADUSDT and CVXUSDT (...) perpetual contracts", mentioned Official announcements.

Additionally, Binance Futures reserves the right to implement additional protective measures without prior notice. These measures could include adjustments to leverage limits, position values ​​and maintenance margins at different levels, among other possible adjustments.

The market reaction to these changes was immediate. According to data from TradingView, there has been a notable drop in the prices of the affected tokens.

STPT is down 4.55%, SNT is down 4.79% and MBL is down 4.31%. CVX and RAD also decreased by 2.35% and 1.12%, respectively.

Price performance of STPT, STN, MBL, RAD and CVX.
Price performance of STPT, STN, MBL, RAD and CVX. Source: Commercial view

This delisting and upgrade by Binance Futures highlights its continued efforts to adapt to... Dynamic market conditions And maintain a safe business environment.

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