CoinEx discontinues most perpetual contracts

Received this e-mail today (would have preferred to link to the website):

Dear CoinEx users

As part of the commitment of making CoinEx a world-leading crypto exchange and to provide a better trading experience for our users, CoinEx regularly reviews the trading markets on the platform. Combining users' opinions, we have decided to delist 6 Coin-M Contracts on Aug 2, 2021(UTC).

1. Delisted Coin-M Contracts

BCHUSD, BSVUSD, LTCUSD, EOSUSD, XRPUSD and TRXUSD

Note: Delisting of Coin-M Contracts will NOT affect the trading of corresponding USDT-M Contracts.

2. Delisting Time

08:00 Aug 2, 2021 (UTC)

3. Delisting Timeline

(1) After delisting, all submitted orders in the above market would be cancelled, and the BCH, BSV, LTC, EOS, XRP and TRX assets in Perpetual Account will be transferred to Spot Account.

(2) For users holding positions of above Coin-M Contracts, please close them in advance, or they will be automatically cancelled at 08:00 Aug 2, 2021(UTC).

4. Risks

(1) Perpetual contract trading is an innovative investment product and we strongly suggest that all users evaluate the risks you can handle before participation. (2) More Perpetual Contracts will be launched, please stay tuned. For more information, please click HERE

CoinEx reserves the final right of interpretation of this announcement.

CoinEx Team

July 26, 2021

The most troubling part is that they appear to be doubling down on USDT. I think the old contracts were based on the actual price of USD. You used the asset like BCH or ETH as the collateral, not a "stablecoin" like USDT.