In a significant development, Binance Futures has announced the delisting of five major cryptocurrencies, including ApeCoin (APE), citing increasing regulatory scrutiny facing the exchange worldwide.

Delisting Announcement

The decision to delist KNCUSD, ICXUSD, XTZUSD, ROSEUSD, and APEUSD comes as part of Binance’s efforts to comply with regulatory requirements. Automatic settlements on the COIN-M perpetual contracts of these assets are scheduled for May 20 and May 21, followed by their removal from the platform.

APE to USD by CoinmarketCap

Existing positions opened before the update will be affected by adjustments to leverage and margin tiers, which Binance plans to implement starting immediately. Despite ApeCoin’s previous popularity as a top 101 crypto asset with daily trading volumes exceeding $40 million on Binance, it finds itself among the delisted assets.

Regulatory Pressure on Binance

This move by Binance comes amidst escalating regulatory pressure. The exchange’s former CEO, Changpeng “CZ” Zhao, recently faced a four-month prison sentence, and Binance itself incurred a historic $4.3 billion fine. The delisting of these major cryptocurrencies underscores the challenges posed by regulatory scrutiny on the exchange’s operations.

Precautions for Traders

Traders are advised to take necessary precautions to mitigate potential liquidation risks. Binance Futures urges users to adjust their positions and leverage ahead of the adjustments to minimize any adverse effects on their holdings.

The delisting of these major cryptocurrencies reflects Binance’s efforts to navigate the evolving regulatory landscape while ensuring compliance with legal requirements. As regulatory pressures continue to mount, crypto exchanges and traders alike face heightened scrutiny and regulatory challenges.