Binance has notified users about its decision to delist several perpetual futures contracts from its platform.
The exchange stated that Binance will remove contracts for STP, Status, MovieBlock, Radworks, and Convex. This action is a proactive step to adjust to market conditions and enhance trading security.
Traders who are engaged in trading these listed contracts are advised to review their strategies to avoid potential liquidation of their positions, especially regarding leverage settings.
Effective May 13, Binance will no longer allow opening new positions on contracts for STPTUSDT, SNTUSDT, MBLUSDT, RADUSDT, and CVXUSDT.
Additionally, Binance Futures Trading reserves the right to implement further protective measures without prior notice. This may include adjustments to leverage limits, position values, maintenance margins across different levels, and other potential modifications.
In other Binance-related news, a U.S. court sentenced the exchange’s founder, Changpeng Zhao, to four months in prison on April 30 for his involvement in money laundering and other illicit activities.
The sentence was less severe than initially anticipated. Initially scheduled for February 23, the announcement of Changpeng Zhao’s verdict was delayed for over two months. The prosecution had sought a 36-month prison term for the former head of Binance.
Summary Review: Binance’s decision to delist several perpetual futures contracts reflects its proactive approach to adapting to market conditions and enhancing trading security. Traders are advised to review their strategies to avoid potential liquidation of positions, particularly in terms of leverage settings. The exchange’s announcement also highlights its commitment to introducing additional protective measures if necessary. In other news, the sentencing of Binance’s founder, Changpeng Zhao, to four months in prison for involvement in illegal activities has garnered attention. Despite initial expectations of a harsher sentence, the outcome was less severe, with the prosecution originally seeking a 36-month prison term. These developments underscore the ongoing regulatory challenges facing the cryptocurrency industry and the importance of compliance with legal requirements.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
