Binance Delists XEM Futures has announced the USD-M perpetual contracts for NEM (XEM). Orbs (ORBS) and Loom Network (LOOM) will be delisted on December 9, 2024. The company’s regular procedure results from its efforts to offer the most relevant and liquid products.
Binance to Delist XEM, ORBS, LOOM Contracts
According to the announcement, traders cannot open new positions in XEM, ORBS, and LOOM perpetual contracts from 11:30 AM (UTC) on December 9, 2024. All open positions will be closed automatically at noon (UTC) on the same day. Users are warned to be in their positions before this time to avoid the automatic settlement.
Binance’s Funding Rate Arbitrage Bot will stop all active arbitrage strategies associated with these contracts at noon (UTC). However, no more such strategy will be allowed after the delisting. After Binance’s news about losing some of its perpetual contracts, the coins affected showed sharp price drops.
XEM Gains 5%, ORBS, and LOOM Fall Amid Binance Changes
NEM (XEM) rose nearly 5%, trading at around $0.029, while Orbs (ORBS) dropped by 0.62% and was priced at $0.034. Loom Network (LOOM) also decreased by 1.27% and traded at nearly $0.075. These market moves underpin the flip side of the changes in trading availability on significant platforms such as Binance.
Binance prioritizes the user’s’’ Autonomy by correctly managing their positions to avoid liquidation through forced buying by the clearinghouse. To this end, it is recommended that users contact official support channels for further assistance or information.
Reasons for Delisting and Market Reaction
Binance’s decision shows its continued support for only those tokens that pass its strict set of conditions. Regular token evaluations of the platform are conducted, and, as a result, some coins are removed due to factors such as the lack of trading volume, low community engagement, and general market liquidity. In the past, Binance’s delisting has often been related to the fact that the coins in question suffered from a price drop because market exposure was limited and liquidity was constrained. This, in turn, catalyzes a vast market with a ripple effect.
This delisting move is closely linked to a Crypto market-wide trend in which exchanges reevaluate their lists to concentrate only on viable and liquid assets. Binance has implemented this policy to ensure traders and investors can access cryptocurrencies with good market potential.
Summary
Binance Futures will delist NEM (XEM) USD-M perpetual contracts, as well as for the cryptocurrencies, such as Orbs (ORBS) and Loom Network (LOOM), on December 9, 2024. Traders will no longer hold a new position after 11:30 AM (UTC), whereas all the existing positions will be compulsorily closed by noon. This report resulted in XEM scaling 5% and ORBS and LOOM scoring lower. Binance recommends that clients should use the positions cautiously and feel free to ask for support if needed.
FAQs
When will the delisting of XEM, ORBS, and LOOM take place?
The delisting will occur on December 9, 2024, with new positions being restricted starting at 11:30 AM (UTC), and all open positions closed automatically by noon (UTC).
Can I still open new positions in XEM, ORBS, and LOOM after the announcement?
No, Binance will prevent traders from opening new positions in these contracts after 11:30 AM (UTC) on December 9, 2024.
What happens to my existing positions in XEM, ORBS, and LOOM?
All open positions will automatically close at 12:00 PM (UTC) on December 9, 2024. Traders should manage their positions beforehand to avoid forced settlements.
How will this affect the market price of XEM, ORBS, and LOOM?
After the announcement, XEM saw a price increase of 5%, while ORBS and LOOM experienced price drops of 0.62% and 1.27%, respectively. This reflects the market's reaction to the delisting.
