In a recent development, Binance Futures has Announced the delisting of five major cryptocurrencies, including ApeCoin (APE). The decision comes amid increasing regulatory scrutiny facing the exchange globally.
In a recent development, Binance Futures has Announced the delisting of five major cryptocurrencies, including ApeCoin (APE). The decision comes amid increasing regulatory scrutiny facing the exchange globally.
Binance Futures revealed that it would close all positions and perform automatic liquidations on the KNCUSD, ICXUSD, XTZUSD, ROSEUSD, and APEUSD COIN-M perpetual contracts. These closures are scheduled for May 20 and 21, respectively. After the agreements, the contracts will be removed from the platform.
Additionally, Binance plans to adjust the leverage and margin levels of the aforementioned perpetual contracts starting today. Existing positions opened before the update will be affected by these changes.
ApeCoin, once a very popular cryptocurrency, has also been affected by this decision. Despite its status as a top 101 crypto asset and significant trading volumes exceeding $40 million daily on Binance, ApeCoin is among the assets delisted.
This move by Binance is unprecedented as the exchange has faced increasing regulatory pressure in recent times. The regulatory crackdown has resulted in former CEO Changpeng “CZ” Zhao being sentenced to a four-month prison term and the exchange itself paying a historic fine of $4.3 billion.
With the exclusion of these major cryptocurrencies, traders are urged to take necessary precautions to avoid potential liquidation. Binance Futures advises users to adjust their positions and leverage before adjustments to mitigate any adverse effects on their holdings.
