Cryptocurrency exchange Binance has announced that it will delist and discontinue the use of TRXUP, TRXDOWN, DOTUP, DOTDOWN, LINKUP and LINKDOWN spot leveraged tokens.
Cryptocurrency Exchange Binance Continues Altcoin Dellists From Leveraged Transactions
This change will take place on 9, 10 and 11 May 2023 for different tokens and aims to provide a better trading experience for users.
2023-05-09 09:00 : TRXUP, TRXDOWN
2023-05-10 09:00 : DOTUP, DOTDOWN
2023-05-11 09:00 : LINKUP, LINKDOWN
Users holding these tokens will be able to continue trading until the time of delisting, but will no longer be able to create new orders or use these tokens after the delisting time.
Binance advises users holding these tokens to close their positions as soon as possible to avoid unwanted losses.
Leveraged tokens are tokens that provide leveraged exposure to the cryptocurrency markets, allowing investors to increase their gains or losses by up to a fixed multiple.
However, these tokens are inherently unsuitable for long-term holding, and their prices may deviate significantly from their underlying assets over time.
This led the cryptocurrency exchange Binance to decide to delist these leveraged tokens to protect users from potential losses.
Binance stated that it will continue to monitor the market and may take action to delist other leveraged tokens in the future if deemed necessary.
Users are advised to follow the official Binance website for further updates.
*Not investment advice.