Binance Delist GMT/BUSD, NEAR/USD, and AVAX/USD U-Standard Perpetual Contracts: What You Need to Know

04/14/2023 10:07 • Blockchain Briefs • 134 views

On April 14th, it was reported that the Binance contract will automatically clear the U-standard perpetual contracts of GMT/BUSD, NEAR/USD, and AVAX/USD at 17:00 on April 18th, and will be delisted from the GMT/BUSD, NEAR/USD, and AVAX/USD U-standard perpetual contract trading pairs after the clearing is completed.

Binance contract will be delisted from the U-standard perpetual contracts of GMT BUSD, NEAR BUSD, and AVAX BUSD

On April 14th, it was reported that Binance would automatically clear the U-standard perpetual contracts of GMT/BUSD, NEAR/USD, and AVAX/USD at 17:00 on April 18th. After the clearing, these contracts will be delisted from their respective trading pairs. This move was expected to impact a large number of users, leaving many wondering why Binance made this decision and what it means for the cryptocurrency community.

Why is Binance Delisting These Contracts?

According to Binance, the decision to delist these contracts was made to protect the interests of users and improve liquidity across the trading platform. In recent months, there has been increased scrutiny on the way in which cryptocurrency exchanges operate. With this move, Binance hopes to improve transparency and reduce the risk of market manipulation.

What are U-Standard Perpetual Contracts?

U-standard perpetual contracts, also known as USD-margined perpetual contracts, are a type of derivative contract that allows traders to speculate on the price of a cryptocurrency against the US dollar. These contracts are similar to futures contracts but do not have an expiration date.

How Will This Impact Traders?

Traders who hold positions in the GMT/BUSD, NEAR/USD, and AVAX/USD U-standard perpetual contracts must close their positions before April 18th at 17:00. Failure to do so may result in the automatic liquidation of their positions at the prevailing market price.
After the contracts have been delisted, users will no longer be able to trade them on the Binance platform. However, they will still be able to withdraw their funds.

What Does This Mean for the Cryptocurrency Community?

The move by Binance to delist these contracts is just one example of the increasing scrutiny and regulation the cryptocurrency industry is facing. While this move may inconvenience some traders, it is ultimately a positive step towards greater transparency and market stability.
As cryptocurrency begins to mature and gain wider acceptance, we can expect to see more regulatory action and oversight. This will likely result in greater long-term stability and confidence in the market.

Conclusion

Binance’s decision to delist the U-standard perpetual contracts of GMT/BUSD, NEAR/USD, and AVAX/USD is a sign of the evolving landscape of the cryptocurrency industry. While it may cause some disruption in the short-term, it is ultimately a positive step towards a more transparent and stable trading environment.

FAQs

**1. What are U-standard perpetual contracts?**
U-standard perpetual contracts are a type of derivative contract that allow traders to speculate on the price of a cryptocurrency against the US dollar. These contracts are similar to futures contracts but do not have an expiration date.
**2. When will the contracts be delisted?**
The contracts will be delisted from their respective trading pairs on April 18th after automatic clearing at 17:00.
**3. What is the reason behind Binance’s decision to delist these contracts?**
Binance’s decision to delist these contracts was made to protect the interests of users and improve liquidity across the trading platform. This move was made to improve transparency and reduce the risk of market manipulation.

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