Binance to Delist XEM, ORBS, and LOOM Perpetual Contracts in December 2024

Binance, a leading cryptocurrency exchange, has announced plans to delist its USDⓈ-M XEMUSDT, ORBSUSDT, and LOOMUSDT perpetual contracts. According to Binance, the delisting will take place on December 9, 2024, following an automatic settlement process scheduled for 09:00 UTC.

Details of the Delisting

Binance has advised users to close any open positions before the delisting time to avoid automatic settlement. Starting at 08:30 UTC on the delisting day, users will not be able to open new positions for these specific contracts. Additionally, Binance's Funding Rate Arbitrage Bot will automatically settle all arbitrage strategies related to these pairs at the time of delisting, ceasing the availability of new arbitrage strategies.

Protective Measures

To safeguard users from potential risks in volatile market conditions, Binance may implement additional protective measures. These could include adjusting maximum leverage values, position values, maintenance margins, and updating funding rates. The exchange also reserves the right to alter the price index constituents and employ the Last Price Protected mechanism to update the Mark Price.

Impact and Implications

The delisting of these contracts is part of Binance's ongoing strategy to manage its product offerings effectively. Such actions are not uncommon in the crypto trading landscape as exchanges routinely assess and adjust their offerings based on market dynamics and user engagement.

Market participants engaged in trading these contracts should take note of the deadlines and prepare accordingly to mitigate any potential disruptions. Binance's decision underscores the importance of staying informed about trading platform updates and the implications of such changes on trading strategies.