Binance, one of the world's largest cryptocurrency exchanges, announced that it plans to discontinue trading and subscription services for leveraged tokens, making a significant change to its product offerings.
This event does not mean that normal leveraged services will be stopped. The discontinued services only affect self-leveraged tokens like BTCDOWN.
Binance Will Discontinue Leveraged Token Services
According to the decision announced by Binance, which will be implemented on February 28, 2024, leveraged token trading and subscription services will be stopped at 09:00 on the same day.
Following the suspension of trading and subscription services, Binance will continue with the termination of its services and delisting of leveraged tokens at 09:00 on April 3, 2024.
Additionally, the exchange will completely stop supporting leveraged token services on the specified date.
Affected trading pairs include BNBUP/USDT, BNBDOWN/USDT, ETHUP/USDT, ETHDOWN/USDT, BTCUP/USDT and BTCDOWN/USDT.
These leveraged tokens had attracted the attention of investors who were paying more attention to cryptocurrency price movements, but Binance's decision to discontinue these services signals a strategic shift in its product portfolio.
In its announcement, Binance did not provide specific reasons for discontinuing its leveraged token services. But the move fits with the exchange's broader efforts to streamline its offerings and focus on core products and services.
*This is not investment advice.