In a recent development, Binance Futures has announced the delisting of five major cryptocurrencies, including ApeCoin (APE). The decision comes amid increasing regulatory scrutiny faced by the exchange globally.
Binance Futures revealed that it would close all positions and conduct automatic settlements on the COIN-M perpetual contracts of KNCUSD, ICXUSD, XTZUSD, ROSEUSD and APEUSD. These closures are scheduled for May 20 and May 21, respectively. Following the settlements, the contracts will be delisted from the platform.
Additionally, Binance plans to adjust the leverage and margin tiers of the aforementioned perpetual contracts starting from today. Existing positions opened before the update will be affected by these changes.
ApeCoin, once a highly popular cryptocurrency, has also been impacted by this decision. Despite its status as a top 101 crypto asset and significant trading volumes exceeding $40 million daily on Binance, ApeCoin finds itself among the delisted assets.
This move by Binance is not unprecedented, as the exchange has faced increasing regulatory pressure in recent times. The regulatory crackdown has resulted in the former CEO, Changpeng “CZ” Zhao, being sentenced to a four-month prison term, and the exchange itself paying a historic $4.3 billion fine.
With the delisting of these major cryptocurrencies, traders are urged to take necessary precautions to avoid potential liquidation. Binance Futures advises users to adjust their positions and leverage ahead of the adjustments to mitigate any adverse effects on their holdings.
