cryptocurrency exchange Binanceannounced that it has stopped supporting Binance Leveraged Tokens as of April 3, 2024. The decision also includes the suspension of trading and subscription services for all leveraged tokens as of February 28, 2024.
BNBUP/USDT
BNBDOWN/USDT
ETHUP/USDT
ETHDOWN/USDT
BTCUP/USDT
BTCDOWN/USDT
Binance is officially discontinuing support for leveraged trading on top assets. Trading and subscription services for BNBUP/USDT and BNBDOWN/USDT will end on April 1, 2024, while ETHUP/USDT and ETHDOWN/USDT will be delisted on April 2, 2024. Afterwards, BTCUP/USDT and BTCDOWN/USDT will be delisted and their redemptions will be stopped by April 3, 2024.
Binance explained that leveraged tokens represent a basket of perpetual contract positions and are designed for short-term trading, emphasizing that they are not intended to replace leveraged margin products. They also advised users to swap the above-mentioned leveraged tokens for other assets before the scheduled trading halt to avoid any disruption.
Users who still hold any of the affected leveraged tokens after February 28, 2024 can redeem them through the wallet function or the Leveraged Tokens page prior to their respective delisting times. If users fail to do so, Binance will convert these tokens into USDT based on their respective net asset value (NAV) at the time of delisting and distribute the USDT tokens to users’ accounts within 24 hours. Afterwards, leveraged tokens will be removed from users’ wallets.
Monero’s Delisting by Binane Is Approaching
Previously, Binance announced that four cryptocurrencies were delisted. Monero (XMR), Multichain (MULTI), Vai (VAI) and Aragon (ANT). This decision, which is part of Binance’s regular review process, will go into effect at 03:00 UTC on February 20, 2024. Trading pairs associated with these tokens will be discontinued and no deposits will be processed after February 21, 2024. Withdrawals for these tokens will end on May 20, 2024.
Binance considered various factors for the delisting, including project team commitment, development activity, transaction volume, network stability, public communications, and responsiveness to due diligence requests. In addition, evidence of unethical behavior or negligence also influenced the decision. Monero, known for its privacy features, has faced regulatory scrutiny for its potential use in illegal activities, leading to Binance’s delisting.
