Delistings, Swap, and Rebranding on Binance Margin

You can find out more information on scheduled delistings of margin tokens and/or trading pairs via: 

1. Delisting Announcements Page: Binance will typically release announcements that outline the schedule for upcoming delistings to inform users of delisting times, affected tokens and/or trading pairs, and any relevant information in advance.

2. Margin Data page notice: Notification banners containing upcoming delisting times will be displayed for affected tokens on Cross Margin and trading pairs on Isolated Margin. 

3. Inmail & email notifications: Once the above-mentioned announcements are released, impacted users will also receive notifications via inmail and email about the scheduled delistings.

4. Trading page notice: Notification banners containing upcoming delisting times will be displayed for each affected trading pair that is to be delisted at its corresponding trading page. 

For more information, please visit How to View Delisting Information for Tokens & Spot/Margin Trading Pairs on Binance?

When a margin token and/or trading pair is being delisted, trading will cease for that token and/or trading pair. All open orders on affected trading pairs will be canceled. Binance Margin will first repay any liabilities of the token to be delisted in your Cross Margin Account using any available collateral of the same token in the same account. 

Once repayments are completed, if these accounts no longer hold any positions for that token, the delisting process will end there. Otherwise, you end up only holding that token in the form of either collateral or liabilities:

1. Cross Margin Accounts only holding tokens to be delisted in the form of collateral

If the Collateral Margin Level (CML) of that account is at or above 2, these tokens will be transferred to your Spot Account up to the point when CML reaches 2. After the transfer is completed, or if the CML is below 2 to begin with, market sell orders are placed on the delisted tokens until these positions are fully closed. For collateral amounts valued at 0.0012 BTC or below, BNB Convert will be used instead to convert remaining amounts into BNB.

An exception to this rule is when you hold collateral and liabilities of the same tokens (other than the token that is to be delisted), and that the collateral amount for each of these tokens are larger than the liabilities of the corresponding tokens. In this case, all liabilities will be repaid first with the available collateral, and then the token that is to be delisted will be transferred out. 

Assuming MATIC is a token that will be delisted:

• Example 1: User A has $50 USDT and $80 worth of MATIC as collateral, and $50 worth of BNB in liabilities. The CML is 2.6. $30 worth of MATIC will first be transferred out, such that CML becomes 2. Since no more MATIC can be transferred out without causing CML to fall below 2, the remaining $50 worth of MATIC will be sold into tokens that have outstanding liabilities (BNB in this case). MATIC positions are fully closed and the delisting process ends here.
• Example 2: User A has $50 USDT, $50 worth of BNB and $40 worth of MATIC as collateral, and $40 USDT and $40 worth of BNB in liabilities. The CML is 1.75. Since no more MATIC can be transferred out without causing CML to fall below 2, and all liabilities can be repaid using existing collateral without the need for trading, the system will trigger a full repayment of these liabilities. Without any more liabilities in the account, all remaining MATIC collateral will be transferred out.

2. Cross Margin Accounts only holding tokens to be delisted in the form of liabilities

All remaining open orders in your Cross Margin Account will be canceled at the scheduled delisting time, unless the collateral value of all available assets is more than twice the liability value of the delisted token, in which case these open orders will not be canceled. Market sell orders are then placed to fully repay liabilities of the tokens to be delisted using other collateral assets in your account. 

Assuming CVP is a token that will be delisted:

• Example 1: At CVP’s scheduled delisting time, user A has 10,000 USDT as collateral and 4,000 CVP in liabilities. User A also has a pending order to sell 1,500 USDT into BTC. Collateral value of available assets / liability of delisted token = 8,500 / 4,000 > 2. The pending order will not be cancelled.
• Example 2: At CVP’s scheduled delisting time, user A has 10,000 USDT as collateral and 4,000 CVP in liabilities. User A also has a pending order to sell 2,500 USDT into BTC. Collateral value of available assets / liability of delisted token = 7,500 / 4,000 < 2. The pending order will be cancelled.

The delisting process ends when no collateral or liabilities of the delisted tokens remain in your Margin Account.

When an Isolated Margin trading pair is being delisted, trading will cease for that trading pair. All open orders on these pairs will be canceled. Binance Margin will first repay any liabilities of the token to be delisted in your Isolated Margin Account using any available collateral of the same token in the same account.

Once repayments are completed, any remaining liabilities will first be settled in full using collateral in the account. Lastly, any remaining collateral will then be transferred into your Spot Account. The delisting process ends when no collateral or liabilities of the delisted tokens remain in your Margin Account.

Margin assets that have been delisted from Binance Cross Margin are automatically liquidated under the Portfolio Margin system. Automatic liquidation is done by selling the delisted assets to USDT, which is then added to the Margin Account balance. This ensures that the Margin Account remains balanced and that the account holder does not incur any losses due to the delisting of the asset. The automatic liquidation feature provides an additional layer of security for users of Portfolio Margin, as it prevents any unexpected losses that may occur due to delisting of margin assets.

When a margin token and/or trading pair is being removed due to token swap and rebranding, trading will cease for that token and/or trading pair. All open orders on affected trading pairs will be canceled. Binance Margin will first repay any liabilities of the token to be removed in yourCross Margin Account using any available collateral of the same token in the same account. 

Once repayments are completed, if the account no longer holds any positions for that token, the removal process will end. Otherwise, you would end up only holding that token in the form of either collateral or liabilities:

1. If your Cross Margin Account holds the tokens to be removed in the form of collateral only:

If the Collateral Margin Level (CML) of the account is at or above 2, these tokens will be transferred to your Spot Account up to the point when CML reaches 2. After the transfer is completed, or if the CML is below 2 to begin with, market sell orders are placed on the removed tokens until these positions are fully closed. For collateral amounts valued at 0.0012 BTC or below, BNB Convert will be used instead to convert remaining amounts into BNB.

An exception to this rule is when you hold collateral and liabilities of the same tokens (other than the token that is to be removed), and that the collateral amount for each of these tokens are larger than the liabilities of the corresponding tokens. In this case, all liabilities will be repaid first with the available collateral, and then the token that is to be removed will be transferred out. 

Assuming MATIC is a token that will be removed due to token swap & rebranding:

• Example 1: User A has 50 USDT and $80 worth of MATIC as collateral, and $50 worth of BNB in liabilities. The CML is 2.6. $30 worth of MATIC will first be transferred out, such that CML becomes 2. Since no more MATIC can be transferred out without causing CML to fall below 2, the remaining $50 worth of MATIC will be sold into tokens that have outstanding liabilities (BNB in this case). MATIC positions are fully closed and the removal process ends here.
• Example 2: User A has 50 USDT, $50 worth of BNB, and $40 worth of MATIC as collateral, as well as $40 worth of USDT and $40 worth of BNB in liabilities. The CML is 1.75. Since no more MATIC can be transferred out without causing CML to fall below 2, and all liabilities can be repaid using existing collateral without the need for trading, the system will trigger a full repayment of these liabilities. Without any more liabilities in the account, all remaining MATIC collateral will be transferred out.

2. If your Cross Margin Account holds tokens to be removed in the form of liabilities only:

All remaining open orders in your Cross Margin Account will be canceled at the scheduled removal time, unless the collateral value of all available assets is more than twice the liability value of the removed token, in which case these open orders will not be canceled. Market sell orders are then placed to fully repay liabilities of the tokens to be removed using other collateral assets in your account. 

Assuming CVP is a token that will be removed due to token swap & rebranding:

• Example 1: At CVP’s scheduled removal time, user A has 10,000 USDT as collateral and 4,000 CVP in liabilities. User A also has a pending order to sell 1,500 USDT into BTC. Collateral value of available assets / liability of delisted token = 8,500 / 4,000 > 2. The pending order will not be cancelled.
• Example 2: At CVP’s scheduled removal time, user A has 10,000 USDT as collateral and 4,000 CVP in liabilities. User A also has a pending order to sell 2,500 USDT into BTC. Collateral value of available assets / liability of delisted token = 7,500 / 4,000 < 2. The pending order will be cancelled.

The removal process ends when no collateral or liabilities of the removed tokens remain in your’ Margin Account.

When an Isolated Margin trading pair is being removed due to token swap and rebranding, trading will cease for that trading pair. All open orders on these pairs will be canceled. Binance Margin will first repay any liabilities of the token to be removed in your Isolated Margin Account using any available collateral of the same token in the same account.

Once repayments are completed, any remaining liabilities will first be settled in full using collateral in the account. Lastly, any remaining collateral will then be transferred into your Spot Account. The removal process ends when no collateral or liabilities of the removed tokens remain in your Margin Account.

Margin assets that have been rebranded from Binance Cross Margin are automatically liquidated under the Portfolio Margin system. Automatic liquidation is done by selling the delisted assets into USDT, which is then added to the Margin Account balance. This ensures that the Margin Account remains balanced and that the account holder does not incur any losses due to the swap and rebranding of the asset. The automatic liquidation feature provides an additional layer of security for users of Portfolio Margin, as it prevents any unexpected losses that may occur due to rebranding of margin assets.

Binance considers a variety of factors when conducting delisting reviews. Here are some examples:

• Legal and Compliance risks: Privacy projects, tokens under global and/or regional regulatory issues, etc.
• Ongoing concerns and perceived risks of specific token projects: Low user adoption, continuity issues (lack of development, team absence), or incidents (e.g. team members arrested, hacks), etc.
• Market risks: Poor liquidity, low market capitalization, etc.
• Ethical risks: Evidence of fraudulent or market abuse practices, etc.

At the scheduled time of delisting for tokens and/or trading pairs, your collateral or liabilities of the affected tokens and/or trading pairs in your Margin Account will be fully closed according to the process described above. After delisting, you may still have remaining tokens in your Spot Account that have been transferred out of your Margin Account. 

Other tokens that you hold in your Cross Margin Account may be used to buy the tokens to be delisted in order to repay outstanding liabilities of the delisted token.