Upcoming Changes to Binance Futures
In a recent announcement, Binance has revealed that it will delist and update the leverage & margin tiers of five COIN-M perpetual contracts. Binance Futures will close all positions and conduct an automatic settlement on the COIN-M KNCUSD, ICXUSD, and XTZUSD contracts at 2024-05-20 09:00 (UTC), and ROSEUSD and APEUSD COIN-M perpetual contracts at 2024-05-21 09:00 (UTC). The contracts will be delisted following the conclusion of the settlement process.
Adjustments to Leverage and Margin Tiers
Binance Futures has also adjusted the leverage and margin tiers of the COIN-M KNCUSD, ICXUSD, XTZUSD, ROSEUSD, and APEUSD perpetual contracts at 2024-05-10 10:30 (UTC). Existing positions opened before the update will be affected, and users are strongly advised to adjust their positions and leverage before the adjustment to avoid potential liquidation.
Important Considerations for Users
Users are urged to close any open positions prior to the delisting time to avoid automatic settlement. Additionally, users will not be able to open new positions for the aforementioned contracts from the following dates: 2024-05-20 08:30 (UTC) for KNCUSD, ICXUSD, and XTZUSD COIN-M perpetual contracts, and 2024-05-21 08:30 (UTC) for ROSEUSD and APEUSD COIN-M perpetual contracts.
Additional Protective Measures
Binance Futures may implement additional protective measures toward the contracts without further announcement to protect users and prevent potential risks in extremely volatile market conditions. These measures may include adjusting the maximum leverage value, position value, and maintenance margin in each margin tier, updating funding rates such as the interest rate, premium, and capped funding rate, changing the constituents of the price index, and using the Last Price Protected mechanism to update the Mark Price.
Post-Settlement Procedures
Following the settlement, all KNC, ICX, XTZ, ROSE, and APE positive balances in CM Wallets under the Portfolio Margin account will be automatically transferred to Cross Margin Wallet. For users without a Portfolio Margin account, the balances will be transferred to Spot Wallet. Negative balances will undergo an auto-repayment process, and the conversion may take approximately 24 hours or longer.
