The delisting of Cardano (ADA) and Polygon (MATIC) perpetual contracts by Binance
The world’s largest crypto exchange, Binance, has announced that it will delist Cardano (ADA) and Polygon (MATIC) perpetual contracts. The exchange will adjust the leverage and margin tiers of these contracts today and delist them after an automatic settlement on August 17. It’s unclear whether this decision is in response to dropping BUSD support or the SEC’s lawsuits against Binance and Coinbase.
Key Points:
- Binance will delist USDⓈ-M ADABUSD and MATICBUSD perpetual contracts
- Users must make necessary changes before the automatic settlement on August 17
- Binance is reducing leverage for both ADA and MATIC perpetual contracts
- Users cannot open new positions for ADABUSD and MATICBUSD after August 17
- Cardano and Polygon executives deny the SEC’s arguments regarding ADA and MATIC being securities
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ADA and MATIC Prices Under Pressure
Following the SEC’s citation of Cardano and Polygon as securities, the prices of ADA and MATIC have been under pressure. ADA’s price has fallen by 0.5% in the last 24 hours, currently trading at $0.29. The trading volume has also decreased by 30%, indicating a lack of interest. MATIC’s price has also dropped by 0.5%, trading at $0.69 with a decrease in trading volume.
Hot Take:
The delisting of Cardano and Polygon perpetual contracts by Binance highlights the regulatory concerns surrounding these cryptocurrencies. The SEC’s involvement and the subsequent pressure on prices demonstrate the impact of regulatory actions on the crypto market. It remains to be seen how these developments will unfold and if they will have a long-term effect on the value and adoption of ADA and MATIC.
