Binance announced that it will remove futures contracts for two altcoins from its platform.
According to an announcement published on October 21, Binance Futures will close positions in the USDⓈ-M perpetual futures contracts for PTB (PTB/USDT) and MITO (MITO/USDT) and carry out automatic settlement at 12.00 TSİ on October 23. Trading support for the contracts will end after settlement is complete.
As of 12.30 TSİ on October 21, users will no longer be able to place new orders in these contracts unless they are reduce-only orders. Binance advised users to close their open positions before the delisting time. It also noted that some market makers may be exempt from this restriction for liquidity purposes.
Binance said the Futures Insurance Fund will not be used during the final hour before settlement. Liquidations triggered during this period will be sent to the market as one-time Immediate or Cancel Orders (IOCOs). If the trade does not reduce the position to the required maintenance margin level, the remaining portion may be handled through the Auto-Deleveraging (ADL) process. The exchange warned that volatility could increase and liquidity could decline during this period.
Binance noted that in extreme market conditions, it may take additional measures, such as adjusting maximum leverage, position value and maintenance margin levels; updating funding rates; changing price index components; and using the mark price protection mechanism.
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