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Binance suspends KDA·AXS·THETA Perptual Futures trading……related coins fell by as much as 22%
The world's largest crypto assets exchange Binance announced the cessation of support for perpetual futures trading of three altcoins, triggering a big dump in the prices of the related coins. This once again confirms the phenomenon referred to by investors as the “Binance Effect”—the support or lack thereof from the exchange can directly impact market prices.
Binance announced through an official announcement that it will liquidate all positions of the Cardano (KDA)/Tether (USDT) perpetual contracts and terminate trading support on November 6. Subsequently, on the 7th, it will successively terminate the Axie Infinity (AXS)/US Dollar (USD) and Theta Network (THETA)/US Dollar (USD) contracts. Currently, the functionality to open new positions for these coins has been restricted.
The exchange has announced that due to severe market fluctuations and user protection, it will implement additional protective measures such as adjusting leverage limits for related derivatives, modifying maintenance margin, and updating funding rates.
After this announcement was made, KDA fell big by 22% to around $0.03 (about 40 Korean Won) the next day. AXS and THETA dropped 9% and 8%, respectively, reflecting investor unease. It is worth noting that KDA had previously fallen about 30% after trading support was completely terminated on the Binance spot exchange, and this measure formed a double blow.
Experts analyze that “exchange delisting” can lead to liquidity depletion and reduced exposure, causing significant damage to the project's reputation. Conversely, new coins listed on Binance often become strong catalysts for price increases. For example, when Binance launched the stablecoin (STBL)/USDT perpetual contract in September, the price of STBL surged by 500%. Similarly, FLUID also immediately rose by 55% after its launch.
This incident typically demonstrates the immediate impact of policy adjustments by large exchanges on specific Crypto Assets markets. With the market's sensitive reactions triggered by changes in the relationship between exchanges and project parties, investors need to closely monitor subsequent related announcements.