- Binance Futures announced delisting of three cryptocurrencies – XEM, ORBS, LOOM.
- Market prices of XEM, ORBS, and LOOM dropped by more than 4%.
As per the latest Binance announcement, Binance futures is going to delist perpetual contracts of NEM (XEM), Orbs(ORBS), and Look Network (LOOM) tokens. Binance futures made this announcement as part of their periodic review of products and their market performance. Being one of the largest crypto exchange platforms, Binance’s announcement led to tokens’ price declines.
The delisting of USD-M perpetual contracts for XEM, ORBS, and LOOM takes place with automatic settlements on 9 December 2024 at 9:00 UTC. Binance advised users to close their open positions, if they have any, before the delisting process. And, it also advised them not to open new positions for XEM, ORBS, and LOOM contracts.
As part of the delisting process, Binance Funding Rate Arbitrage Bot will conduct an automatic settlement and close all arbitrage strategies on XEM/USDT, ORBS/USDT, LOOM/USDT trading pairs. Once the delisting process completes, users will no longer be able to open new arbitrage strategies.
Binance takes protective measures to prevent potential risks since cryptocurrencies are volatile assets. It will adjust maximum leverage value, position value, and maintenance margin and update funding rates, etc as precautions.
Market prices of XEM, ORBS, LOOM tokens
Following the perpetual contracts delisting announcement from Binance, market prices of XEM, ORBS, and LOOM tokens plunged sharply. XEM token price fell down by over 4% and is trading at $0.0265 at the time of reporting. Its market cap and trading volume have also dropped by 5% and 7% respectively.
ORBS is trading at the $0.33 price level with a 24-hour price drop of 5% and its market cap is also down by 5%. The fact that its trading volume is up by 184% amidst the price drop is noteworthy. Similar to the first XEM and ORBS, LOOM token price has dropped by around 4%.
Binance is one of the top crypto exchange platforms with billions of users across the world. Both its token listing and delisting announcements will have a huge effect on the market prices. The delisting process of Binance is result of its regular review of market performance and asset compliance.
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