Binance has indicated its intention to remove several permanent futures contracts.
- Binance removes STP, Status, MovieBlock, Radworks and Convex contracts.
- Traders should revise their strategies to avoid liquidation.
- As of May 13, new positions are prohibited for some jobs.
- Former CEO of Binance Changpeng Zhao sentenced to 4 months in prison.
Binance platform announces contract changes
In an effort to adapt to market conditions and improve the security of transactions, trading platform Binance has announced the elimination of several contracts. These include contracts STP, Status, MovieBlock, Radworks and Convex.
Notice for traders
In the face of this change, traders who have positions in these contracts are urged to review their strategies. In particular, they should pay attention to leverage management “avoid potential liquidation of positions”.
Prohibition of new positions
After this update, which will take effect on May 13Binance will ban the opening of new positions on STTPUSDT, SNTUSDT, MBLUSDT, RADUSDT and CVXUSDT contracts.
In addition, Binance Futures Trading reserves the right to implement additional security measures without prior notice. This includes changes to the leverage limit, position values, maintenance margins for different levels and other possible adjustments.
Changpeng Zhao, convicted of illegal activities
In other Binance news, a US court sentenced the founder of the exchange, Changpeng Zhaoto four months in prison on April 30 for involvement in money laundering and other illegal activities.
The punishment turned out to be milder than expected. The verdict on Changpeng Zhao was originally expected on February 23, but the hearing was delayed for more than two months. The indictment for the former head of Binance demanded 36 months in prison.