Binance Futures has revealed it will delist the USD-M perpetual contracts for NEM (XEM), Orbs (ORBS), and Loom Network (LOOM) on December 9. The decision follows the platform’s routine product review process aimed at maintaining efficient operations and minimizing user risk. As a result, the prices of the affected tokens have already dropped by 5% to 7%, signaling concerns in the market.
Delisting Details and Impact on Traders
According to Binance’s announcement, starting at 08:30 UTC on December 9, traders will no longer be able to open new positions in the affected contracts. Those with existing positions are advised to close them prior to 09:00 UTC to avoid automatic settlements. Failure to take action could result in Binance’s Funding Rate Arbitrage Bot closing any arbitrage strategies related to these tokens.
The delisting is part of Binance’s ongoing efforts to optimize its platform and reduce potential risks for traders. The exchange has also noted that it will implement various protective measures to safeguard users from volatile market conditions. These measures may include changes to leverage limits, margin tiers, and funding rates.
Market Reaction and Token Price Movements
Since the announcement, the prices of the affected tokens have shown notable declines. NEM (XEM) has fallen by 7%, now trading at around $0.026, with a 24-hour low of $0.02527. Orbs (ORBS) has dropped by 6%, trading at $0.03301, while Loom Network (LOOM) is down 4%, sitting at $0.07367.
Binance’s decision to delist these perpetual contracts follows a common practice of removing products that no longer meet the platform’s performance criteria. This practice has previously led to price declines for tokens such as IDRT, KP3R, OOKI, and UNFI, following similar announcements in November.
Conclusion: Binance’s Proactive Approach to Platform Integrity
Binance’s move to delist certain crypto tokens underscores the exchange’s ongoing commitment to maintaining the integrity of its platform and minimizing risk exposure for its users. While the delisting may be seen as a precautionary measure, traders must remain vigilant and adjust their strategies accordingly to mitigate the impact on their positions. As the crypto market continues to evolve, Binance’s regular product reviews are likely to remain a key factor in shaping the offerings available to its users.
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