Recently, Binance has made announced the delisting of SC USDT-Margined SC Perpetual Contract.
Binance Announced to Delist USDT SC Marginated Perpetual Futures
Binance Futures will conduct an automatic settlement on the USDT-Margined SC Perpetual Contract at 2022-06-17 09:00 (UTC), and delist this contract after the settlement is complete. Please note: Users are advised to close any open positions prior to the delisting time to avoid automatic settlement.
Risk Warning: Futures trading carries a substantial risk and the possibility of both significant profits and losses. Past gains are not indicative of future returns. All of your margin balance may be liquidated in the event of extreme price movements. The information here should not be regarded as financial or investment advice from Binance.
All trading strategies are used at your discretion and at your own risk. Binance will not be liable to you for any loss that might arise from your use of Futures. To learn more about how to protect yourself, visit our Responsible Trading resource page.
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What is delisting?
Delisting is the removal of a listed asset from an exchange. The delisting can be voluntary or involuntary and usually happens when a project ceases operations, does not meet listing requirements, undergo a hard fork, or split or reverse split occasions with new coins. There are numerous factors that could go into the decision for an exchange to delist an asset.
What to expect during delisting?
When an asset gets delisted from an exchange, all of its trading pairs will stop trading and be removed. An official announcement will be released prior to the cessation of the trading date to acknowledge all users. Users are still able to trade until the cessation of the trading date.
During the last hour on the cessation of trading date, the market price of the delisted asset will be calculated as the average of the price index every second over the last hour before cessation, i.e. total of 3,600 mark price.
It is important to note that you are not allowed to open positions of the delisted asset but only allowed to close your positions, i.e. placing reduce-only orders 10 minutes before the cessation of trading.
If you choose to hold the position until the cessation of trading, the position will be automatically closed or settled. Please note that trading fees will be charged for the automatic settlement. All unrealized P/L is calculated at the time of settlement and converted into realized P/L.
You are advised to close any open positions of the delisted asset before the cessation of trading to avoid automatic settlement.