Binance, the world’s largest cryptocurrency exchange by trading volume, made a new announcement for an altcoin. The coin that was the subject of the announcement was Civic (CVC). Here are the details…
Binance Futures delists CVC perpetual futures contract
Binance, the world’s largest cryptocurrency exchange in terms of daily trading volume, has made an announcement for Civic (CVC). He made the announcement for a futures contract, not directly for the Civic. CVCUSDT stated that the perpetual futures contract will be delisted. The exchange stated that it will perform an automatic clearing on a “perpetual futures contract.” He then announced that once the swap is complete, the contract in question will be delisted, meaning it will be delisted. The delist process will take place on November 29, 2022, at 12 CEST.
Also, Binance Futures announced that on November 28, 2022, at 12 CET (today), the CVCUSDT contract will adjust the leverage and margin tiers. It is stated that the existing positions opened before the update will be affected by this situation. “It is highly recommended to adjust the position and leverage before adjusting to avoid any potential liquidation,” the exchange says. You can see these adjustments in the table below:
What should Binance users do?
The exchange advises users to close all open positions before the delist period to avoid automatic payment. The exchange also noted that the margin change will directly affect the liquidation price. Users holding current positions of the CVCUSDT perpetual futures contract will be affected. To avoid liquidation, the exchange says “please add more margin to your USDⓈ-M Futures account or reduce your positions.” “It is recommended to control the margin rate below 80 percent,” he adds.
Why is the CVC futures contract delisting?
It’s a mystery why Civic’s perpetual futures contract with the USDT pair is delisted. No comment from Binance or Civic. However, Binance has specific statements about the delisting of futures contracts. According to the statement, some delists volunteer. So there is a possibility that it will be requested by the project team. It also often happens when a project ceases operations, no longer meets listing requirements, undergoes a hard fork, spin-off, or reverse split. There are many factors that lead to an exchange’s decision to delist an asset.
How has the CVC price been affected?
The delist news in question does not seem to have had a major impact on the CVC price. The coin was changing hands at $0.102 prior to the announcement. After the announcement, it fell to $ 0.095. At the time of writing, it is changing hands at $0.0989, down 0.89 percent in the last 24 hours.
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