Binance has announced the upcoming delisting of three Perpetual Contracts in December, triggering a price drop in the mentioned cryptocurrencies.
Binance's Announcement on Delisting
Binance Futures revealed that the exchange will close all positions and conduct an automatic settlement on the XEMUSDT, ORBSUSDT, and LOOMUSDT Perpetual Contracts on December 9, at 09:00 (UTC). The contracts will be delisted following the completion of the settlement.
Recommendations for Users
Users are advised to close any open positions before the delisting time to avoid automatic settlement. Starting December 9, at 08:30 (UTC), new positions for these contracts will not be allowed. Binance also mentioned potential additional measures to protect users from market volatility.
Price Drop of XEM, ORBS, and LOOM
Following Binance's announcement, XEM recorded a 5.6% price drop but later rebounded with over 2% increase. LOOM and ORBS also experienced drops, with LOOM falling by about 3% and ORBS by around 6%. However, the prices began to partially recover afterward.
The upcoming delisting of futures contracts by Binance affected the volatility in XEM, ORBS, and LOOM prices, highlighting the importance of exchange announcements in the cryptocurrency market.
