In a recent announcement, Binance, the leading cryptocurrency exchange, declared its decision to discontinue support for all leveraged token pairs following a comprehensive review. The cessation of trading and subscription services for leveraged tokens will come into effect on February 28, 2024, at 06:00 a.m. UTC, with complete delisting slated for April 3, 2024.
Affected Token Pairs Revealed
The list of leveraged token pairs set for delisting includes notable pairs such as BNBUP/USDT, BNBDOWN/USDT, ETHUP/USDT, ETHDOWN/USDT, BTCUP/USDT, and BTCDOWN/USDT. Each pair will undergo delisting and redemption cessation as per the outlined schedule.
Users holding any of the affected leveraged tokens after February 28, 2024, are advised to redeem them via the wallet function or the Leveraged Tokens page before the respective delisting times. Failure to do so will result in the conversion of tokens to USDT based on the net asset value (NAV) at delisting time, with USDT tokens distributed to users’ accounts within 24 hours.
Binance’s Clarification on Leveraged Tokens
Binance emphasized that leveraged tokens are designed for short-term trading and are not intended as substitutes for margin-leveraged products. Users are urged to trade these tokens for other assets before the scheduled trading cessation to avoid disruption.
In a parallel development, Binance has also announced the impending delisting of four digital currencies: Monero (XMR), Multichain (MULTI), Vai (VAI), and Aragon (ANT). This decision, effective from February 20, 2024, at 03:00 a.m. UTC, is part of Binance’s routine review process. The associated trading pairs will cease, and deposits for these tokens won’t be credited after February 21, 2024, with withdrawals ceasing on May 20, 2024.
Factors Influencing Delisting
Binance’s decision to delist tokens was influenced by various factors, including project team commitment, development activity, trading volume, network stability, and public communication. Evidence of unethical conduct or negligence further contributed to the delisting. Monero, known for its privacy features, faced regulatory scrutiny due to its potential use in illicit activities, prompting its removal from the exchange.
Binance’s decision to delist leveraged token pairs and Monero underscores the platform’s commitment to maintaining a robust and compliant trading environment. As the cryptocurrency landscape continues to evolve, exchanges like Binance must adapt to regulatory changes and ensure the safety and security of their users’ assets.
