Binance has announced the delisting of USD-M perpetual contracts for NEM (XEM), Orbs (ORBS), and Loom Network (LOOM). The delisting affects traders who actively engage in derivatives markets for these assets. Binance advises users to manage their open positions to avoid automatic settlements during the process. Following the announcement, the prices of these tokens have dropped by 5% to 7%, reflecting market concerns.
Binance Announces Delisting of XEM, ORBS and LOOM Perpetual Contracts
Binance has reported the delisting of USD-M perpetual contracts for XEM, ORBS, and LOOM tokens. The delisting process will involve automatic settlements at 09:00 (UTC) on December 9. This step is part of the platform’s periodic review of products to ensure optimal performance and mitigate risks for its users.
Starting December 9, at 08:30 (UTC), traders will no longer be able to open new positions in these contracts. Any open positions must be closed before the delisting time to avoid automatic settlements. Failure to do so will result in its Funding Rate Arbitrage Bot closing all arbitrage strategies tied to these pairs.
The exchange has also outlined potential protective measures for volatile market conditions. These measures include adjustments to leverage limits, position values, and margin tiers, as well as changes to funding rates and price index components. Users are urged to remain cautious and follow updates to avoid disruptions.
This announcement reflects Binance’s proactive approach to maintaining platform integrity and safeguarding users against volatile market risks. As one of the top crypto exchanges, Binance continues to adapt its offerings to meet evolving market demands.
Price Movements and Volume Trends Amid Delisting
Following Binance’s delisting announcement, the affected cryptocurrencies have experienced notable price declines. NEM (XEM) price has dropped by 7% and is currently trading at $0.026, with a 24-hour low of $0.02527 and a high of $0.02828.
Orbs (ORBS) price has seen a 6% dip, trading at $0.03301. Its 24-hour low and high stand at $0.03177 and $0.0355, respectively. Loom Network (LOOM) is down by 4%, trading at $0.07367 at the time of writing.
Binance regularly conducts reviews to ensure asset compliance, often delisting tokens as part of these checks. However, prices tend to crash following such announcements, as seen with IDRT, KP3R, OOKI, and UNFI in November.
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