Binance Futures Axes Two Perpetual Contracts Tied to $ADA and $MATIC

Binance Futures Axes Two Perpetual Contracts Tied to $ADA and $MATIC

Time Stamp: August 10, 2023 10:50 PM
Binance Futures Axes Two Perpetual Contracts Tied to $ADA and $MATIC PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Leading cryptocurrency exchange Binance has announced it’s delisted two perptual futures contracts, specifically USDⓈ-M ADABUSD and MATICBUSD Perpetual Contracts, by August 17.

According to the announcement, the contracts will no longer be available on August 17 by 09:00 UTC,, with other significant adjustments being made ahead of the delistings. Effective on August 10, , Binance Futures will implement alterations to the leverage and margin tiers for these particular contracts.

Due to the impending changes, there’s a tangible risk of liquidation for traders who may not adjust in time. Hence, Binance Futures urges its users to review their current position and leverage on these contracts, recommending that necessary adjustments be made prior to the scheduled update to sidestep any unforeseen liquidation.

While the exchange didn’t clarify why it’s delisting these two perpetual contracts, it’s possible the move is related to their reliance on Binance USD (BUSD), the stablecoin the cryptocurrency exchange had been using. Its issuer, Paxos, is no longer allowed to mint new coins after regulators cracked down on it.

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It’s worth noting perpetual contracts are a type of futures contract with no expiry date. Traders who open positions on these derivatives are essentially betting on whether the value of an asset will rise or fall, and may have to pay or receive funding fees while their position is open.

The announcement comes a day after Binance secured dual licenses in El Salvador in an achievement that positions it as the first crypto exchange in the nation to be fully licensed, emphasizing its adherence to regulatory standards.

According to Binance’s blog post, El Salvador’s Central Reserve Bank has granted Binance the Bitcoin Services Provider license (BSP). In tandem, the National Commission of Digital Assets has awarded Binance the non-provisional Digital Assets Services Provider license (DASP).

These licenses provide a regulatory framework for Binance’s operations in the country and indicate the potential for the exchange to introduce specialized offerings for the Salvadoran populace.

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