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Coin-Secured Futures Have Reached the End of the Road for KNC, ICX, XTZ, ROSE and APE

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Binance Futures, the futures arm of giant cryptocurrency exchange Binance, has announced major changes to its coin-collateralized perpetual futures contracts for Kyber Network Crystal (KNC), ICON (ICX), Tezos (XTZ), Oasis (ROSE), and ApeCoin (APE). . Binance Futures stated that these coin-collateralized futures contracts will be delisted from the exchange as of May 20.

Coin-Secured Futures Have Reached the End of the Road for KNC, ICX, XTZ, ROSE and APE

Binance Futures will first close all positions in coin-collateralized futures contracts, with automatic settlement for KNCUSD, ICXUSD and XTZUSD occurring on May 20, and for ROSEUSD and APEUSD on May 21. Following the settlement, these coin-collateralized futures contracts will be delisted from the exchange. Binance Futures will not allow new positions to be opened for these coin-collateralized futures contracts for KNCUSD, ICXUSD, and XTZUSD on May 20 at 12:30 CET, and for ROSEUSD and APEUSD at 12:30 CET on May 21.

Upon completion of the settlement, all positive KNC, ICX, XTZ, ROSE and APE balances in CM wallets under the Portfolio Collateral account will be automatically transferred to the Cross Collateral wallets. For users who do not have a Portfolio Collateral account, the balances in their CM wallets will be transferred to spot wallets.

Negative balances of KNC, ICX, XTZ, ROSE and APE in CM wallets under the Portfolio Collateral account will go through an automatic refund process after reconciliation. Binance Futures underlined that this conversion process may take approximately 24 hours or longer.

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