Key Points
- Binance Futures will close all positions and conduct an automatic settlement on the 3 Perpetual Contracts, before delisting them.
- XEM, ORBS, and LOOM’s prices dropped following the Binance announcement.
Binance announced the upcoming delisting of three Perpetual Contracts next month.
In the official notes, Binance Futures revealed that the exchange will close all positions and conduct an automatic settlement on the XEMUSDT, ORBSUSDT, and LOOMUSDT Perpetual Contracts on December 9, at 09:00 (UTC).
The three contracts will be delisted following the completion of the settlement.
Binance’s Notes to Users
The exchange advised users to close any open positions before the delisting time to avoid automatic settlement.
Also, users are not allowed to open new positions for the three contracts starting December 9, at 08:30 (UTC).
Binance revealed that, to protect users from potential risks amidst high market volatility, there might be more protective measures taken regarding the three contracts without prior announcements.
Following the exchange’s notes regarding the upcoming December delisting, two of the coins experienced volatility.
XEM, ORBS, and LOOM Prices Dropped
After Binance’s announcement, XEM recorded a 5.6% price drop. The coin’s market cap fell from almost $249 million to almost $228 million. After that, XEM’s price rebounded and surged by over 2%. Now, the coin has a market cap of over $235 million.
NEM (XEM) is a blockchain launched in March 2015, seeking to improve the imperfections found on other chains at the time. In December 2021, NEM was hardforked by a pseudonymous team of crypto experts.
Following Binance’s announcement, LOOM also saw a drop in price. The coin’s market cap dropped from $94 million to $89.7 million. Now, LOOM has a market cap of over $90 million, following the earlier drop of around 3%.
LOOM Network is a platform built on Ethereum that allows developers to run large-scale dApps. The platform was released on October 1, 2017.
ORBS also saw a price drop following the exchange’s announcement. The coin’s market cap fell from over $110 million to $100 million, recording a 6% drop.
Now, ORBS has a market cap of around $104 million, slightly recovering following the earlier decline.
Orbs (ORBS) is a public blockchain infrastructure that mixes scalability and low fees and uses mass-use applications.
