Binance Futures Removes Five Major Cryptos Including ApeCoin (APE) from its Platform

• In a recent development, Binance Futures has announced the delisting of five major cryptocurrencies, including ApeCoin (APE).
• The decision comes amid increasing regulatory scrutiny faced by the exchange globally.
• ApeCoin, once a highly popular cryptocurrency, finds itself among the delisted assets despite its significant trading volumes.

Binance Futures delists five major cryptocurrencies, including ApeCoin, amid increasing global regulatory scrutiny. This move impacts traders and the crypto market at large.

Binance Futures Delists Five Major Cryptocurrencies

Binance Futures has revealed that it would close all positions and conduct automatic settlements on the COIN-M perpetual contracts of KNCUSD, ICXUSD, XTZUSD, ROSEUSD, and APEUSD. These closures are scheduled for May 20 and May 21, respectively. Following the settlements, the contracts will be delisted from the platform. The decision comes amid increasing regulatory scrutiny faced by the exchange globally.

Impact on ApeCoin and Other Cryptocurrencies

ApeCoin, once a highly popular cryptocurrency, has also been impacted by this decision. Despite its status as a top 101 crypto asset and significant trading volumes exceeding $40 million daily on Binance, ApeCoin finds itself among the delisted assets. This move by Binance is not unprecedented, as the exchange has faced increasing regulatory pressure in recent times. The regulatory crackdown has resulted in the former CEO, Changpeng “CZ” Zhao, being sentenced to a four-month prison term, and the exchange itself paying a historic $4.3 billion fine.

Implications for Traders

With the delisting of these major cryptocurrencies, traders are urged to take necessary precautions to avoid potential liquidation. Binance Futures advises users to adjust their positions and leverage ahead of the adjustments to mitigate any adverse effects on their holdings.

Conclusion

The delisting of five major cryptocurrencies by Binance Futures, including ApeCoin, underscores the increasing regulatory scrutiny faced by crypto exchanges globally. Traders and investors are advised to stay vigilant and adjust their positions accordingly to avoid potential losses. This development also highlights the volatile nature of the cryptocurrency market and the need for regulatory clarity.