Altcoin
Binance To Delist These Crypto Tokens Trading Pairs, Prices At Risk?
Crypto exchange behemoth Binance notified users on Friday that it plans to delist specific crypto trading pairs shortly ahead. Notably, the digital asset trading platform eyes delisting Heroes of Mavia, OMG Network, and BarnBridge (BOND) USD-Margined perpetual contracts. In turn, traders and investors anticipate a negative impact on these tokens’ prices.
Binance Announces Plans To Delist MAVIA, OMG, & BOND Futures Contracts
In an official Binance announcement dated December 6, the crypto exchange revealed that it will delist MAVIAUSDT, OMGUSDT, and BONDUSDT perpetual contracts on December 16 at 09:00 UTC. Further, the announcement notified users that the firm’s future trading division would close all positions and conduct an automatic settlement for the abovementioned pairs.
Meanwhile, users were urged not to close or open any positions prior to the delisting time to avoid the automatic settlement process. Moreover, the platform’s colossal user base is not permitted to open new positions for these perpetual contracts starting December 16 at 08:30 UTC. Further, at 09:00 UTC on the same date, the trading platform’s Funding Rate Arbitrage Bot will also end all arbitrage strategies and conduct an automatic settlement for these assets.
Overall, the leading crypto exchange revealed that this mover comes to “protect users and prevent potential risks in extremely volatile market conditions.” While this modified offering provides users with a safe trading experience, token delisting chronicles usually negatively impact prices.
How Are The Tokens Performing?
At press time, BOND price crashed nearly 10% intraday and is currently resting at $1.58. The token’s 24-hour low and high were $1.54 and $1.77, respectively.
Similarly, OMG price plunged roughly 5% to reach $0.5781. Its 24-hour low and peak were $0.5522 and $0.6164, respectively.
Lastly, MAVIA price cracked 10% intraday and is currently sitting at $1.94. The coin’s 24-hour low and high were $1.92 and $2.27, respectively. Overall, the tokens’ slumping action falls in line with Binance’s plans to delist perpetual contracts for these assets.
Simultaneously, it’s also worth noting that the same crypto trading platform also delisted several BTC margin trading pairs recently, sparking similar price dip concerns. These delisted margin pairs included Band Protocol, Gitcoin, Highstreet, and Perpetual Protocol, among many others.
Also, the crypto trading platform discontinued support for the NOT/BNB and RDNT/BTC trading pairs recently, sparking bearish market sentiments. Nevertheless, the Richard Teng-led firm continues to stand strong on its statement, revealing that the delisting process comes only to benefit users.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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