While adding support for new altcoins, Binance, the world's largest cryptocurrency exchange, is delisting some altcoins.
In this context, Binance recently announced that it has delisted two XRP-linked leveraged tokens.
Stating that XRPUP and XRPDOWN leveraged tokens will be removed from the list, Binance made the following statements:
“Binance will delist XRPUP and XRPDOWN leveraged tokens and stop redemption as of 25.07.2023 at 06:00 UTC.
If users still hold these leveraged tokens after the delisting period, Binance will convert these tokens to USDT based on the net asset value (NAV) at the time of delisting and distribute the USDT tokens to users' accounts within 24.
Leveraged token assets will be removed from the wallet once distribution is complete.
While Binance's delist decision for XRPUP and XRPDOWN tokens will not have any effect on the price of XRP, Binance users will be able to continue to trade spot and futures for the XRP token.
XRP continues to trade at $0.4724 at the time of writing.
*Not investment advice.