Binance, a leading Bitcoin exchange, has recently made an announcement regarding updates for several altcoin trading pairs in futures. The exchange will be delisting and updating the leverage and margin tiers of COIN-M perpetual contracts for KNCUSD, ICXUSD, XTZUSD, ROSEUSD, and APEUSD.
The closure of all positions and automatic settlement for COIN-M KNCUSD, ICXUSD, and XTZUSD contracts will take place at 12:00 AM on May 20, 2024. Similarly, ROSEUSD and APEUSD contracts will undergo the same process at 12:00 on May 21, 2024, after which they will be removed from the list.
Furthermore, Binance Futures will adjust the leverage and margin levels of these contracts at 13:30 on May 10, 2024. Users who have existing positions before the update are advised to make the necessary adjustments to their positions and leverage in order to avoid potential liquidation.
To ensure user protection and mitigate risks during highly volatile market conditions, Binance Futures may implement additional protective measures for these contracts without prior announcement. These measures could involve adjusting the maximum leverage value, position value, and maintenance margin, updating funding rates, changing the components of the price index, and utilizing the Last Price Protected mechanism to update the Mark Price.
It is important to note that the provided information should not be considered as investment advice.