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Highlights
- Binance announced major delisting plans concerning leveraged tokens.
- The exchange will cease support for all leveraged tokens.
- The update comes as Monero's delisting on Binance inches closer.
Binance, the leading crypto exchange, has announced the cease of support for Binance Leveraged Tokens by April 3, 2024. Moreover, the decision entails the suspension of trading and subscription services for all leveraged tokens effective February 28, 2024, at 06:00 a.m. UTC. Following this, delisting and redemption cessation on Binance will occur according to a specified timeline for each affected token pair.
List Of Binance Leveraged Token Pairs To Be Delisted
According to the latest announcement, the affected leveraged token pairs include:
- BNBUP/USDT
- BNBDOWN/USDT
- ETHUP/USDT
- ETHDOWN/USDT
- BTCUP/USDT
- BTCDOWN/USDT
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. Thereafter, BTCUP/USDT and BTCDOWN/USDT will undergo delisting and redemption cessation by April 3, 2024.
Binance has clarified that leveraged tokens represent a basket of perpetual contract positions and are tailored for short-term trading, emphasizing that they are not intended as substitutes for margin leveraged products. Moreover, they advised that users trade the aforementioned leveraged tokens for other assets before the scheduled trading cessation time to avoid any disruption.
For users still holding any of the affected leveraged tokens after February 28, 2024, they may redeem them via the wallet function or the Leveraged Tokens page before the respective delisting times. If the users fail to do so, Binance will convert these tokens to USDT based on the corresponding net asset value (NAV) at the time of delisting and distribute the USDT tokens to users’ accounts within 24 hours. Subsequently, the leveraged tokens will be removed from users’ wallets.
Also Read: Binance Plea Deal: US Prosecutors Urges For $4.3 Bln Deal Acceptance
Monero Delisting Inches Closer
Earlier, Binance announced the delisting of four digital currencies: Monero (XMR), Multichain (MULTI), Vai (VAI), and Aragon (ANT). This decision, part of Binance’s regular review process, will take effect on February 20, 2024, at 03:00 a.m. UTC. Trading pairs associated with these tokens will cease, and deposits won’t be credited after February 21, 2024. Whilst, withdrawals for these tokens cease on May 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. In addition, evidence of unethical conduct or negligence also influenced the decision. Monero, recognized for its privacy features, has faced regulatory scrutiny due to its potential use in illicit activities, leading to Binance delisting.
Also Read: Crypto Hacker Transfers Stolen Ethereum After $26 Mln BTC & ETH Exploit
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