Binance Futures recently announced that it will close Shiba Inu (SHIB) for leveraged trading in the BUSD pair.
Binance ends Shiba Inu leveraged trades on BUSD pair
The central cryptocurrency exchange announced yesterday that it will regulate Shiba Inu (SHIB) leveraged transactions. Accordingly, the 1000SHIBBUSD contract will expire on June 1 at 12:00. Binance will automatically close all open positions after this date.
#Binance Futures will close all positions and conduct an automatic settlement on USDⓈ-M 1000SHIBBUSD Perpetual Contract
🗓 Jun 1 2023, 09:00 (UTC)
Read more ⤵️https://t.co/5edtRY09YJ
— Binance Futures (@BinanceFutures) May 25, 2023
The instructions in the official announcement that users should pay attention to are as follows:
- Users are required to close open positions before the list’s closing time to avoid auto-editing.
- Users are not allowed to open new positions for the specified contract as of 1 June at 12:00.
- In order to protect users and avoid potential risks in highly volatile market conditions, Binance Futures may take additional protective measures for the USDⓈ-M 1000SHIBBUSD Perpetual Contract. These may include adjusting the maximum leverage value, position value and maintenance margin in each margin tier, updating funding rates such as interest rate, premium and limited financing rate, changing the components of the price index and updating the Sign Price using the ‘Last Price Protection’ mechanism.
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