Leading cryptocurrency derivatives exchange Binance Futures has announced that it will stop supporting Solana blockchain's native token SOL as a margin asset in Multi-Asset Mode.
The change will take effect on July 6, 2023 at 09:30 CEST, and all SOL assets in USDⓈ-M Futures accounts will be automatically converted to USDT, the USD pegged stablecoin.
Multi-Asset Mode allows users to use multiple cryptocurrencies as collateral for trading, reducing liquidation risk and maximizing their capital efficiency.
According to the official announcement, the transfer limit for SOL was set to zero in Multi-Asset Mode at 11:00 am on March 20, 2023, meaning that users could not deposit any more SOL into their USDⓈ-M Futures accounts.
Converting users' assets to stablecoins will use the average SOLUSDT Price Index from July 6, 2023 08:30 to July 6, 2023 09:30 to determine the exchange rate.
Converted USDT assets will remain in USDⓈ-M Futures accounts and can be used for trading or withdrawals. Users who do not want their SOL assets to be converted are advised to transfer them from their USDⓈ-M Futures accounts before the deadline.
On the other hand, Binance Futures will add BETH, the staked version of ETH, as a margin asset in Multi-Asset Mode, starting July 7, 2023 at 9:30 am.
*Not investment advice.