Binance has announced that certain leveraged coins associated with Bitcoin Ether BNB and BNB will be discontinued as of April. 3.
Unveiled on February 19, the decision The attack targets the leveraged tokens BTCUP and BTCDOWN as well as ETHUP and ETHDOWN.
According to the statement by Binance.
All trade orders for the leveraged tokens that they mentioned will be ‘automatically removed’ on the set date, indicating a firm deadline for users to adjust their holdings.
Binance has laid out a step-by-step process to prepare for delisting. The first phase will begin on April 1. 1. and ending by April. 3.
“Users will be able to redeem their tokens before the delisting date,” The company said.
Binance, however, has promised to convert tokens in if the deadline is not met. USDT Based on the value of their items on the date they were delisted and crediting accounts within 24 hours.
Binance explains that leveraged tokens allow you to enter into leveraged positions with no collateral and without maintenance margins. This eliminates liquidation risks.
“The effects of price movements in the perpetual contracts market, premiums, and funding rates” Binance warned of these potential risks, despite the many advantages that leveraged tokens offer.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: crypto.news