After the developments regarding FTX, the altcoin of the stock market, FTT, is delisted on the Binance platform. On the other hand, there is also delist news for Serum (SRM), which is thought to be related to FTX. Here are the details…
Binance announces delist news for FTT
Today, Binance, the largest cryptocurrency exchange by trading volume, announced a news for FTX. According to a statement made on the exchange’s Twitter account, Binance “delists FTT and the following products in order to protect all users”. So FTT is being removed from the following products:
- Simple Earn flexible products: Binance Simple Earn will remove FTT on November 14, 2022 at 07:30. FTTs on this platform will be automatically refunded to the users spot wallet.
- USDS-M perpetual futures contracts: Binance Futures will close all positions and pending orders. On November 14, 2022, at 04:00 CEST and 04:30 CEST, USDⓈ-M FTTUSDT and FTTBUSD will make an automatic payment on perpetual futures contracts. USDⓈ-M FTTUSDT and FTTBUSD contracts will be delisted after reconciliation is completed.
- Cross margin:FTT/BUSD and FTT/USDT pairs will be delisted.
- Isolated margin:FTT/BUSD, FTT/BTC and FTT/USDT pairs will be delisted.
- Binance Liquid Swap: FTT/USDT will remove FTT/BUSD, FTT/BTC and FTT/BNB pairs from the list on 14 November 2022 at 07:30. The deposit amount in the FTT liquidity pools of the users will be automatically returned to the user.
- Binance Auto-Invest: It will remove FTT on 14 November 2022 at 07:30 CEST. Users with FTT on the Single Token Plan will pause the plans. In the portfolio plan with FTT, the exchange will remove the FTT and the plan will continue.
OKX delists Serum futures
On the other hand, OKX exchange announced that it has delisted Serum (SRM) from its futures service. The serum was also heavily influenced by the FTX news. It is the native coin of a decentralized exchange in the Solana ecosystem. It was also supported by Sam Bankman-Fried, the former CEO of FTX. There are also several allegations that Bankman-Fried received SRM in a contract related to Terra.
On the other hand, Serum is facing a hard fork after the hacking issue in FTX. Solana’s developers forked Serum after it was compromised by a hack on FTX. According to developer Mango Max, “a verified version of the same version was distributed” on November 12. In addition, upgrade authorization and fee revenues” have been changed. It is managed with a multi-signature method of a team of trusted developers. The development took place over the weekend. Solana co-founder Anatoly Yakovenko tweeted that the developers affiliated with Serum forked the code after the key was compromised. He added that many “protocols depend on the Serum markets for liquidity and liquidation.”
