I have not succeeded in recovering the losses due to being forced to close positions in futures (OCEAN) due to the merger process of FET, AGIX and OCEAN into ASI.
And related to that, I have written that #Binance must protect its users from such developer actions and I also suspect that there will be a possibility that such developer actions will spread to other developers if the exchange continues to facilitate them. (read here)
And sure enough, Binance announced that they would support the rebranding process of GALXE (GAL) to Gravity (G). And again, users are forced to close future positions that have already been opened without taking into account potential losses. (read here)
And, I wrote again that this process would be detrimental and guessed that this kind of action would become even more contagious and crazy. (read here)
My guess is correct. It won't take long for RNDR to be rebranded to RENDER and all future positions are recommended to be closed or forced to close at the specified time. (read here)
This is crazy and users should speak up so that Binance stops supporting this process until they find a way so that whatever process the developer wants to do doesn't harm Binance users.
If we as users experience losses due to the market process then that is normal. That is our risk in the market.
Or if Binance delists a pair for reasons such as low trading volume then that is understandable, because it is for the good of the user.
However, if Binance delists the pair due to developer actions, Binance must think about the potential losses that users could experience.
If Binance actually supports the actions of this developer then this will definitely spread and frankly I am very afraid of opening a position in the future market.
Imagine, you open a position with a certain trading plan. Then suddenly when your position is experiencing negative PNL (not yet touching SL) you receive news that the position must be closed or will be forced to close.
And what's crazy is that this happened within a short period of time, less than a month. Imagine if you were unlucky enough to get a position at OCEAN, AGIX, GAL, and RNDR during this process. How much did you lose? You can lose your entire balance without ever experiencing a failed trade. Even if you only have one of them, you won't necessarily be able to recover your losses immediately.
Notes :
I spoke to the Binance support team and got a good response. They promised to convey this issue to the relevant technical team. I have been with Binance for a long time and believe they have enough expertise and certainly the intention to protect their users. Users must be made comfortable without having to worry that their positions could be closed/advised to close at any time due to third party actions. But of course the more people talking about this issue the better. If you read this please share.
#CPI_BTC_Watch
#DelistingNotice #BTC_Bounce_Back_to_57k