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Home»ADOPTION NEWS»Binance to stop supporting leveraged tokens by April 2024
ADOPTION NEWS

Binance to stop supporting leveraged tokens by April 2024

By Crypto FlexsFebruary 19, 20243 Mins Read
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Binance to stop supporting leveraged tokens by April 2024
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Binance announced that it would discontinue support for leveraged tokens by April 2024, urging users to adjust their holdings and trading strategies in line with the upcoming changes.

Binance, the world’s leading cryptocurrency exchange, announced that it has decided to discontinue support for Binance Leveraged Tokens (BLT). Binance has decided to discontinue trading and subscription services for all leveraged tokens by the end of February 2024 as part of its ongoing product review process to focus on those that provide the most valuable and competitive services to users. These movements are as follows: The dynamic nature of cryptocurrency exchanges, constantly evolving to meet user needs and regulatory standards.

Highlights of the presentation

Trading and Subscription Discontinuation: Trading and subscription services for all Binance Leveraged Tokens will be discontinued from 06:00 on February 28, 2024 (UTC).

Delisting and Redemption Suspension: Following suspension, tokens will be delisted and redemption services will cease according to the schedule detailed for each leveraged token pair, ending at 2024-04-03 06:00 (UTC) for the specific token.

Affected Leveraged Token Pairs: Tokens subject to suspension include popular pairs such as BNBUP/USDT, BNBDOWN/USDT, ETHUP/USDT, ETHDOWN/USDT, BTCUP/USDT, and BTCDOWN/USDT.

Final token conversion: After delisting, the remaining leveraged tokens held by users will be converted to USDT based on the net asset value (NAV) at the time of delisting. USDT will be distributed to users’ accounts within 24 hours after the delisting process is completed.

Implications for traders

This decision will impact traders who utilize leveraged tokens for short-term trading strategies. Leveraged tokens, which represent perpetual contract positions, provide traders with exposure to leverage while mitigating some of the risks associated with liquidation. However, it is also subject to rebalancing and can be volatile, requiring a clear understanding and strategy for its use.

Next steps for users

Binance advises users holding the mentioned leveraged tokens to exchange them for other tokens before trading services are suspended or redeem them through the wallet function or leveraged tokens page before the respective delisting time. We emphasize that automatic removal of trading orders for these tokens occurs during downtime, requiring timely action on the part of users.

Binance’s Commitment to Adaptation and User Support

This announcement reflects Binance’s commitment to adapting its service offerings by focusing on products that match user interests and market trends. It also highlights the importance of regular product evaluations to ensure compliance and competitive advantage in the rapidly changing cryptocurrency market. Binance will ensure ongoing support for users during this transition and will provide detailed guidance on how to effectively manage leveraged token holdings.

conclusion

As the cryptocurrency landscape continues to evolve, exchanges like Binance play a pivotal role in shaping market practices and services. Binance’s discontinuation of leveraged token support marks a significant change in its product strategy focused on user value and service competitiveness. Users affected by this change are advised to take immediate action to adjust their trading strategies and holdings accordingly.

Image source: Shutterstock

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