STPTUSDT, SNTUSDT, MBLUSDT, RADUSDT, and CVXUSDT Contracts Will Be Removed from Binance – Bittime

Bittime – Binance Futures will remove several permanent trading contracts or perpetual contracts on their platform. This deletion will be carried out gradually in two stages. The following is a complete explanation.

Contract Removal Stages

2 stages will be carried out in deleting perpetual contracts for STPT USDT, SNT USDT, MBL USDT, RAD USDT, and CVX USDT, namely adjusting leverage and margin as well as closing and settling the contract.

For more details, below is a detailed explanation that you can read.

Stage 1: Leverage and Margin Adjustment

Date: May 6, 2024, 10:30 AM (UTC)
Affected Contracts: USDⓈ-M STPTUSDT, SNTUSDT, MBLUSDT, RADUSDT, and CVXUSDT
Changes: Leverage and margin levels will be adjusted.
Impact: Users with positions that existed before the adjustment will be affected.

Binance strongly recommends users adjust their positions and leverage before adjustment to avoid potential margin calls.

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Level 2: Closing and Completion of the Contract

Date: May 13, 2024, 09:00 (UTC)
Affected Contracts: USDⓈ-M STPTUSDT, SNTUSDT, MBLUSDT USDⓈ-M, RADUSDT, and CVXUSDT USDⓈ-M
Process: All positions will be closed and settled automatically.
Impact: The contract will be removed from the Binance Futures platform.

Users must complete their transactions before May 14, 2024, 09:00 (UTC) to avoid losses.

Reasons for Termination of Contract

Binance did not provide a specific reason for the removal of these contracts. However, some possible reasons are:

Low trading volume: Contracts with low trading volume may not be profitable for Binance to operate.
Regulatory risk: Contracts related to digital assets that have high regulatory risk may be removed to reduce risks for Binance.
Change in business focus: Binance may want to focus on other contracts that are more profitable or fit their business strategy.

Impact of Contract Abolition

Removal of these contracts may impact users who have positions in these contracts. Users should monitor their accounts and complete their transactions before May 14, 2024, 09:00 (UTC) to avoid losses.

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What Should Binance Users Do?

For Binance users who have positions in STPTUSDT, SNTUSDT, MBLUSDT, RADUSDT, and CVXUSDT contracts, here are some steps to take:

Review Positions: Check your Binance account to see if you have an open position in any of the five contracts that will be removed.

Adjust Leverage and Margin (Before May 6, 2024, 10:30 UTC): Adjust your positions and leverage as needed to avoid potential margin calls due to these changes. You can reduce leverage or increase margin to meet new requirements.

Close Position (Before May 13, 2024, 09:00 UTC): By closing positions manually, you can control the selling price and avoid potential losses due to forced closing later.

Fund Transfer: After closing your position, transfer the trading funds to your crypto wallet so it is safer.

How to Buy Crypto from Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.

To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime .

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER : This article is informational and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.

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