Binance Plans to Close Several Leveraged Token Services
Binance has announced that it will no longer support leveraged tokens linked to Bitcoin, ether, and BNB starting April 3.
The decision was initially announced on February 19 and will affect leveraged tokens paired with Tether including BTCUP and BTCDOWN, ETHUP and ETHDOWN, and BNBUP and BNBDOWN.
Effective February 28 at 06:00 UTC, Binance will suspend all trading and subscription services for these three leveraged token pairs.
Any current trade orders for these tokens will be automatically removed on this date, preventing users from placing new orders. Binance has advised its users to trade their leveraged tokens into other assets before the suspension date.
From April 1 to April 3, Binance will gradually delist and halt redemption of these leveraged tokens. Users will have the opportunity to redeem their tokens before the delisting date.
In case of failure to redeem, Binance will automatically convert the tokens into USDT based on their value on the delisting date.
