Major cryptocurrency exchange Binance‘s futures arm, Binance Futures, announced significant updates regarding coin-margined perpetual futures contracts for Kyber Network Crystal (KNC), ICON (ICX), Tezos (XTZ), Oasis (ROSE), and ApeCoin (APE). Binance Futures stated that these coin-margined futures contracts will be delisted from the exchange starting May 20.
KNC, ICX, XTZ, ROSE, and APE Reach the End of the Road for Coin-Margined Futures
Binance Futures will first close all positions in the coin-margined futures contracts and automatic settlements for KNCUSD, ICXUSD, and XTZUSD will occur on May 20, while for ROSEUSD and APEUSD, it will happen on May 21. After the settlement, these coin-margined futures contracts will be delisted from the exchange. Binance Futures will not allow new positions to be opened in these coin-margined futures contracts starting from 12:30 local time on May 20 for KNCUSD, ICXUSD, and XTZUSD, and from May 21 for ROSEUSD and APEUSD.
After the settlements are completed, all positive balances of KNC, ICX, XTZ, ROSE, and APE in the CM wallets under the Portfolio Collateral account will be automatically transferred to the Cross Collateral wallets. For users without a Portfolio Collateral account, balances in CM wallets will be transferred to spot wallets.
Negative balances of KNC, ICX, XTZ, ROSE, and APE in the CM wallets under the Portfolio Collateral account will go through an automatic repayment process after the settlement. Binance Futures noted that this conversion process could take approximately 24 hours or longer.
Furthermore, before these coin-margined perpetual futures contracts are delisted, some adjustments will be made to leverage and margin tiers, and these adjustments will come into effect today at 13:30 local time. The cryptocurrency exchange advised users to adjust their positions and leverages in advance to protect themselves from potential liquidation risks due to these adjustments.
A Standard Practice
As is known, Binance Futures occasionally takes additional protective measures without prior announcement to protect its users from potential risks in volatile market conditions. These protective measures include adjustments to leverage, position value, maintenance margin, funding rate, and price index components.
All these adjustments made for KNCUSD, ICXUSD, XTZUSD, ROSEUSD, and APEUSD in the coin-margined perpetual futures contracts are ultimately part of the process of delisting the coin-margined futures contracts from the exchange.
