Binance Futures Removes Five Prominent Cryptocurrencies, ApeCoin (APE) Too

In the dynamic world of cryptocurrency, Binance, the leading global crypto exchange, recently announced on Friday that it removed five significant cryptocurrencies from its trading pair. The decision comes as the exchange faces different regulatory security issues worldwide.

Binance Futures has set in motion the closure of all positions and automatic settlements on the COIN-M perpetual contracts of KNCUSD, ICXUSD, XTZUSD, ROSEUSD, and APEUSD. This process, which includes the execution of automatic settlements, is scheduled for May 20 and May 21. These contracts will no longer be available on the exchange following these settlements.

In addition, Binance will immediately modify the leverage and margin levels for those perpetual contracts. These alterations will affect all open positions established before this revision.

Binance: Regulatory Compliance Commitment

ApeCoin, a cryptocurrency that once enjoyed immense popularity, has been caught in the crosshairs of Binance’s latest decision. Despite being a top 101 crypto asset and boasting significant trading volumes exceeding $40 million daily on the platform, ApeCoin now finds itself among the delisted assets.

Binance’s decision to delist specific cryptocurrencies is not a casual move. It’s a response to the mounting regulatory pressure the exchange has grappled with. The crackdown has been severe, with the former CEO, Changpeng ‘CZ’ Zhao, facing a four-month prison sentence and the exchange being hit with a historic $4.3 billion fine. This context underscores the seriousness of the situation.

Binance’s decision to delist certain cryptocurrencies clearly demonstrates the exchange’s unwavering commitment to regulatory compliance. Binance is willing to uphold this commitment, even if it means parting ways with once-popular digital assets.

Related Reading | Charting Gensler’s Course: Crypto Regulation & Market Integrity

Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.

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