The recent announcement from Binance Futures indicated the delisting of five significant cryptocurrencies, including ApeCoin (APE). This decision was influenced by the increasing regulatory challenges faced by the exchange globally.
Binance Futures specified the closure of all positions and automatic settlements on the COIN-M perpetual contracts of KNCUSD, ICXUSD, XTZUSD, ROSEUSD, and APEUSD, scheduled for May 20 and May 21. Following these settlements, the contracts will be removed from the platform.
Furthermore, Binance intends to make adjustments to the leverage and margin tiers of the mentioned perpetual contracts starting from today. Changes will impact existing positions opened before the update.
ApeCoin, previously a popular cryptocurrency, was also affected by this action, despite its status as a top 101 crypto asset with daily trading volumes exceeding $40 million on Binance.
This decision by Binance reflects the exchange's response to increasing regulatory pressures. The regulatory scrutiny led to the former CEO, Changpeng "CZ" Zhao, receiving a four-month prison sentence, and the exchange facing a historic $4.3 billion fine.
Traders are advised to take necessary precautions to prevent potential liquidation due to the delisting of these major cryptocurrencies. Binance Futures recommends users adjust their positions and leverage prior to the adjustments to minimize any negative impacts on their assets.
APE to USD by CoinmarketCap
