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Major crypto exchange Binance is set to delist selected $USDC trading pairs from its margin platform in June.
According to the latest announcement, Binance Margin will delist four margin trading pairs on June 19 at 06:00 (UTC). This action affects cross margin pairs of relatively lesser-known cryptocurrencies, including Civic (CVC), Rocket Pool (RPL), XAI (XAI) and Ravencoin ($RVN). The cross margin pairs affected include CVC/$USDC, RPL/$USDC, $RVN/$USDC and XAI/$USDC.
The exact reason for the impending removal of these crypto pairs from the Binance Margin platform was not stated in the announcement, with Binance only outlining the delisting process.
Binance Margin will close users' positions on June 19 at 06:00 UTC for the affected crypto pairs, conduct an automatic settlement, and cancel all pending orders on the cross and isolated margin pairs. These pairs will then be removed from Binance Margin.
Binance urges users to close their positions and/or transfer their assets from Margin Accounts to Spot Accounts prior to the cessation of margin trading on June 19 at 06:00 (UTC) to avoid potential losses. This is because they will not be able to update their positions during the delisting process, which may take about three hours.
Binance becomes major trading platform for SpaceX futures
In a recent report, Binance highlighted a 60% market share of SpaceX perpetual futures (SPCXUSDT), becoming its second-largest traded product globally.
SpaceX perpetual futures (SPCXUSDT) became Binance's second-largest traded product, behind only Bitcoin perpetuals (BTCUSDT).
SPCXUSDT recorded over $5.6 billion in trading volume (rolling 24-hour volume snapshot as of June 13) and over $9 billion in accumulated volume across SpaceX's pre-IPO and post-listing phases on Binance.
As of June 15, Binance continues to hold over 60% market share for SPCXUSDT across centralized and decentralized venues and surpasses other platforms in open interest.