Upcoming Changes to Binance Futures
Binance Announces Changes to Leverage & Margin Tiers of Five Cryptocurrencies on Futures Platform
In a recent update, Binance has shared that it will be making significant changes to its Futures platform, specifically regarding the leverage & margin tiers of five COIN-M perpetual contracts. The changes are set to take effect on specific dates and will impact users who hold positions in these contracts.
Delisting and Automatic Settlement
Binance Futures will be delisting the COIN-M KNCUSD, ICXUSD, XTZUSD, ROSEUSD, and APEUSD perpetual contracts. All positions in these contracts will be closed, and an automatic settlement will be conducted. The settlement for KNCUSD, ICXUSD, and XTZUSD contracts will take place on 2024-05-20 at 09:00 (UTC), while the settlement for ROSEUSD and APEUSD contracts will occur on 2024-05-21 at 09:00 (UTC).
Adjustments to Leverage and Margin Tiers
Additionally, Binance Futures will be adjusting the leverage and margin tiers of the aforementioned contracts on 2024-05-10 at 10:30 (UTC). Users with existing positions opened before the update are advised to make necessary adjustments to their positions and leverage to avoid potential liquidation.
Important Reminders for Users
Users are encouraged to close any open positions before the delisting time to prevent automatic settlement. Furthermore, new positions will not be allowed for the affected contracts from specific dates and times mentioned by Binance.
Protective Measures and Post-Settlement Procedures
Binance Futures may implement additional protective measures without prior notice to safeguard users in volatile market conditions. Following the settlement, positive balances in CM Wallets will be transferred to Cross Margin Wallets, while negative balances will undergo an auto-repayment process.
It is crucial for users to stay informed about these changes and take necessary actions to manage their positions effectively on the Binance Futures platform.
For more information and updates, users can refer to the official announcement on the Binance website.