Binance Removes Cardano (ADA) and Polygon (MATIC) Perpetual Contracts
The biggest cryptocurrency exchange in the world, Binance, has made the decision to remove Cardano (ADA) and Polygon (MATIC) perpetual contracts from its listing. This move is in response to the exchange’s desire to stop offering USDS-M perpetual contracts for ADABUSD and MATICBUSD. The delisting process will begin after the automated settlement on August 10.
Key Points:
- Binance’s decision to remove Cardano and Polygon perpetual contracts is related to recent regulatory developments.
- The Securities and Exchange Commission’s categorization of Cardano and Polygon tokens as securities has triggered legal actions against exchanges.
- All positions for ADABUSD and MATICBUSD will be closed out at 9:00 UTC on August 17.
- Binance advises users to make any necessary changes before the deadline to avoid inconvenience.
- Traders and investors may need to reevaluate their tactics and risk tolerance due to these changes.
Despite the impact on traders, there is still an opportunity for users to create new positions in ADABUSD and MATICBUSD until 8:30 UTC on August 17.
Hot Take:
Binance’s decision to remove Cardano and Polygon perpetual contracts reflects the regulatory challenges faced by cryptocurrency exchanges. This move may disrupt trading strategies for users, but it also highlights the need for clearer regulations in the crypto industry.
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