Binance to End Support for Leveraged Token Trading in April

BySamson Ononeme

Feb 19, 2024 , , ,
Binance will stop supporting trading of popular BTC, ETH and BNB leveraged tokens starting Feb 28, with full delisting by April 3 amid winding down of services.

Key Insights

  • Binance ceasing trading support and soon fully delisting selected BTC, ETH and BNB leveraged tokens
  • Final token redemptions by April 3 after suspended services starting February 28
  • Leveraged tokens allow magnified gains/losses tied to perpetual contract markets

MALTA (MarketsXplora) Cryptocurrency exchange Binance will stop supporting several leveraged tokens linked to Bitcoin, Ethereum and its own BNB token from April 3, the trading platform announced in a blog post.

The Malta-based company said it will suspend trading and subscription services for the BTCUP, BTCDOWN, ETHUP, ETHDOWN, BNBUP and BNBDOWN leveraged token pairs, which allow amplified exposure to price movements, from February 28.

Binance advised users holding any of these tokens to trade them for other crypto assets prior to the deadline, after which all outstanding orders will be removed. The exchange will then initiate a gradual delisting process for the products, targeting a final redemption date of April 3.

Users who fail to redeem tokens before the cut-off will have them converted into tether stablecoins at the time of delisting, with proceeds deposited into their Binance accounts within 24 hours, the exchange noted.

Binance Leveraged Tokens function as highly volatile derivative instruments tracking margin perpetual swap contract markets, giving investors magnified exposure to daily fluctuations in the underlying crypto asset.

While the products enable users to speculate on crypto price movements without staking collateral or facing liquidation risk, Binance cautioned the instruments carry substantial risks from amplified volatility and complex valuation mechanics.

The world’s largest crypto platform did not detail reasons behind discontinuing trading for these particular leveraged tokens. Binance continues listing dozens of other leveraged products.

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