Major cryptocurrency exchange Binance has announced the delisting of several perpetual contracts, impacting key altcoins like Kadena (KDA), Axie Infinity (AXS), and Theta Network (THETA). The delisting process involves automatic settlement and position closures, with specific timelines: the USDⓈ-M KDAUSDT perpetual contract will be delisted on November 6 at 9:00 a.m. UTC, while the COIN-M AXSUSD and THETAUSD contracts will follow on November 7 at 9:00 a.m. UTC.
Users are advised to close any open positions before these dates to avoid automatic settlement, as new positions will no longer be allowed. Binance Futures may implement additional protective measures, such as adjusting leverage limits or funding rates, to manage volatility risks. This move is part of a broader review, with Binance also planning to delist Flamingo (FLM), Kadena (KDA), and Perpetual Protocol (PERP) from spot and margin trading on November 12, ceasing deposits and withdrawals shortly after.
The delisting news has already caused significant price drops for the affected coins. KDA plunged by 22% to as low as $0.03, while AXS and THETA retraced by 9% and 8%, respectively. This volatility underscores the 'Binance effect,' where exchange actions heavily influence altcoin liquidity and valuations. Earlier delisting announcements for KDA resulted in a 30% price collapse, highlighting the reputational and market risks for projects losing support from major platforms.
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