🔴Today, Binance has announced📳
The delisting of several cryptocurrencies, including ⛔GFT,⛔ IRIS,⛔ KEY, ⛔OAX, and ⛔REN, with trading suspensions leading to significant price drops of 25% to 40%. Additionally, on December 9, the exchange will delist perpetual contracts for X EM (XEM), Orbs (ORBS), and Loom Network (LOOM). Here are the key details:
🚨Delisting Announcement🚨✨
Binance will delist USD-M perpetual contracts for:
NEM (XEM)💥
Orbs (ORBS)💥
Loom Network (LOOM)
KEY$KEY
The delisting is part of Binance's periodic review of products to ensure optimal performance and mitigate risks for users.
Timeline
December 9, 2024, at 09:00 UTC: Automatic settlements will occur for the affected contracts.
December 9, 2024, at 08:30 UTC: Traders will no longer be able to open new positions in these contracts.
User Advisory🛑🛑
Users are advised to:
Close any open positions before the delisting time to avoid automatic settlements.
Refrain from opening new positions in XEM, ORBS, and LOOM contracts.
Market Impact
Following the announcement, the prices of the affected tokens have dropped:
XEM: ↘Down by 7%, currently trading at $0.026.
ORBS: ↘Down by 6%, trading at $0.03301.
LOOM: ↘Down by 4%, trading at $0.07367.
The market cap and trading volume for these tokens have also seen declines of 5% to 7%.
Protective Measures
Binance is implementing protective measures to manage potential risks associated with the volatility of cryptocurrencies, including:
Adjustments to leverage limits and position values.
Changes to funding rates and price index components.🔊
Conclusion📢
This delisting reflects Binance's commitment to maintaining platform integrity and safeguarding users against market volatility. Users are encouraged to stay updated on further developments to avoid disruptions in their trading activities.