In a significant move, Binance has announced the closure of all USDM perpetual futures linked to the tokens Hifi and Bake, effective October 3, 2023. According to the official information, this decision is part of the exchange's ongoing product review process, reflecting its commitment to risk management and market conditions.
Deadline for Closing HIFI and BAKE Futures Positions
Traders are required to close all existing positions in HIFI and BAKE futures by 11:30 AM on the specified date. Following this deadline, no new trades will be permitted, and Binance will initiate the liquidation of any outstanding positions at noon. The contracts will be permanently removed from the platform thereafter.
Impact on Futures Trading
While HIFI and BAKE will continue to be available for trading on the spot market, futures investors will need to explore alternative options for leveraged exposure. This move underscores Binance's proactive approach to maintaining a secure trading environment amid evolving market dynamics.
As the APAC region solidifies its position in the commodity derivatives market, it is essential to recognize the ongoing developments in the cryptocurrency sector that are shaping the financial landscape. Currently, Binance is enhancing its offerings with the upcoming Plasma XPL airdrop for BNB holders, while the Ethereum community is actively engaging users through the relaunch of Aster's trading rewards program. For more insights on these exciting advancements, check out the full article on the Glamsterdam upgrade.
