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Cryptocurrency exchange Binance announced the removal of MAVIAUSDT, OMGUSDT, and BONDUSDT continuous contracts effective December 16. This decision has triggered significant price drops for the affected tokens. The exchange has warned users regarding position opening or closing activities.
Details on Contracts to be Terminated
In its announcement on December 6, Binance stated that it would delist the MAVIA, OMG, and BOND tokens’ continuous contracts from its trading platform starting at 09:00 UTC on December 16. Users were informed to refrain from opening positions prior to the delisting process.
Furthermore, it was announced that no new positions would be allowed for these contracts as of 08:30 UTC on the same day. The company also indicated that existing positions would be automatically closed at 09:00 UTC, during which Binance’s Funding Rate Arbitrage Bot would halt its strategies.
Rapid Decline in Token Prices
Following the announcement, significant losses were observed in the prices of MAVIA, OMG, and BOND tokens. The price of MAVIA dropped by 10% to $1.94, fluctuating between $1.92 and $2.27 within a 24-hour period.
Similarly, OMG’s price fell by 5% to $0.5781, with a 24-hour low of $0.5522 and a high of $0.6164.
BOND also experienced a 10% decline, trading at $1.58, with price fluctuations between $1.54 and $1.77. Experts point out that these price drops are directly linked to Binance’s delisting plans.
In recent weeks, Binance also removed BTC margin trading pairs for tokens like Band Protocol, Gitcoin, and Highstreet, which similarly negatively impacted market prices. The company argues that these delisting actions protect users and minimize risks in volatile market conditions. However, experts indicate that such decisions may have a short-term negative impact on users.
Users are advised to restructure their portfolios according to Binance’s announcements to minimize risks. Additionally, it is emphasized that the market’s reaction to delisting decisions should be closely monitored.
