Binance to Delist Six Bitcoin, Ethereum and BNB Trading Pairs

The world's leading cryptocurrency exchange by trading volume has signaled a significant shift in its product offerings. Effective Feb. 28, 2024, at 6:00 p.m. (UTC), Binance will suspend trading and subscription services for leveraged tokens, with a subsequent end to redemption services and the eventual delisting of these products. 

The move affects popular trading pairs including BNBUP/USDT, BNBDOWN/USDT, ETHUP/USDT, ETHDOWN/USDT, BTCUP/USDT and BTCDOWN/USDT.

Leveraged tokens have been a niche offering on the platform, allowing traders to gain leveraged exposure to cryptocurrency markets without the complexities of managing a margin account.

The leveraged tokens to be delisted  include two BNB pairs, two ETH pairs and two Bitcoin pairs. These tokens represent a basket of perpetual contract positions, designed primarily for short-term trading strategies. They are distinctive in that they automatically rebalance on a daily basis, differentiating them from traditional margin leveraged products. For a more detailed understanding, Binance has provided additional information on its blog.

Related

Mon, 02/19/2024 - 10:14

Nearly $1 Billion in Bitcoin Disappears After Transfer From Major US Exchange

Gamza Khanzadaev

The schedule for the cessation of services is as follows: trading and subscription services for all affected leveraged tokens will be suspended on February 28, 2024, at 6:00 p.m. (UTC).

Following this date, automatic cancellation of all existing trade orders for these tokens will occur.

Users are encouraged to trade or redeem these tokens before the suspension. After the cessation date, redemption can still be carried out via the wallet interface or the dedicated Leveraged Tokens page until the moment of delisting.

Subsequent to the delisting, any remaining leveraged tokens will be converted to USDT based on the net asset value (NAV) at the time of delisting. This USDT will be credited to users' accounts within a 24-hour window.