The world’s largest cryptocurrency exchange by trading volume has announced a substantial adjustment in its product offering. Binance will halt trading and subscription services for leveraged tokens on February 28, 2024, at 6:00 p.m. (UTC), followed by an end to redemption services and the eventual delisting of these goods.
The change impacts prominent trading pairings like as BNBUP/USDT, BNBDOWN/USDT, ETHUP/USDT, ETHDOWN/USDT, BTCUP/USDT, and BTCDOWN/USDT.
Leveraged tokens have been a unique product on the platform, allowing traders to acquire leveraged exposure to cryptocurrency markets without the hassle of having a margin account.
The leveraged tokens that will be delisted are two BNB pairs, two ETH pairs, and two Bitcoin pairings. These tokens represent a collection of perpetual contract holdings, especially intended for short-term trading tactics. They are unique in that they automatically rebalance on a daily basis, setting them apart from standard margin leveraged products. Binance’s blog provides extra material for a more in-depth understanding.
The trading and subscription services for all impacted leveraged tokens will be halted on February 28, 2024, at 6:00 p.m. (UTC).
Following this date, all current trading orders for these tokens will be automatically cancelled.
Users are recommended to exchange or redeem these tokens prior to the suspension. After the cessation date, redemption can still be done using the wallet interface or the dedicated Leveraged Tokens website until it is delisted.
Following the delisting, all remaining leveraged tokens will be converted to USDT using the net asset value (NAV) at the time of delisting. This USDT will be credited to users’ accounts within a 24 hour period.
