Binance, the leading crypto exchange, has announced that it will no longer support Binance Leveraged Tokens starting from April 3, 2024. Trading and subscription services for all leveraged tokens will be suspended on February 28, 2024. Delisting and redemption cessation will follow a specific timeline for each affected token pair.
The leveraged token pairs that will be delisted include BNBUP/USDT, BNBDOWN/USDT, ETHUP/USDT, ETHDOWN/USDT, BTCUP/USDT, and BTCDOWN/USDT. The trading and subscription services for BNBUP/USDT and BNBDOWN/USDT will cease on April 1, 2024, while ETHUP/USDT and ETHDOWN/USDT will be delisted on April 2, 2024. BTCUP/USDT and BTCDOWN/USDT will undergo delisting and redemption cessation by April 3, 2024.
Binance clarified that leveraged tokens are not meant to be substitutes for margin leveraged products and are designed for short-term trading. They advised users to trade these tokens for other assets before the scheduled trading cessation time to avoid any disruption.
For users holding any of the affected leveraged tokens after February 28, 2024, they can redeem them via the wallet function or the Leveraged Tokens page before the respective delisting times. If users fail to do so, Binance will convert the tokens to USDT based on their net asset value (NAV) at the time of delisting and distribute them to users’ accounts within 24 hours. The tokens will then be removed from users’ wallets.
In addition to this announcement, Binance has also revealed the delisting of four digital currencies: Monero (XMR), Multichain (MULTI), Vai (VAI), and Aragon (ANT). The delisting will take effect on February 20, 2024. Binance considered various factors for the delisting, including project team commitment, development activity, trading volume, network stability, public communication, and responsiveness to due diligence requests. Monero’s potential use in illicit activities and regulatory scrutiny contributed to its delisting.
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