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As the world’s largest cryptocurrency exchange by trading volume, Binance has announced it will discontinue support for Binance Leveraged Tokens as part of its ongoing review of offered products. This decision stems from Binance’s pursuit to prioritize products that provide the highest value and competitive services to its users. Support for Binance Leveraged Tokens will end on April 3, 2024.
Trading of Leveraged Tokens to Cease on February 28
Trading and subscription services for all leveraged tokens will be suspended starting at 09:00 AM local time on February 28, 2024. Following the suspension, Binance will begin delisting leveraged tokens and halting their redemptions. This process will be completed by 09:00 AM local time on April 3, 2024.
Affected leveraged tokens/trading pairs include BNBUP/USDT and BNBDOWN/USDT, ETHUP/USDT and ETHDOWN/USDT, as well as BTCUP/USDT and BTCDOWN/USDT for the largest cryptocurrency, Bitcoin (BTC).
From 09:00 AM local time on February 28, 2024, all existing orders for the said leveraged tokens will be automatically canceled, and users will no longer be able to place any orders for these products. Binance advises users who wish to avoid potential losses to exchange their leveraged tokens for other assets before the planned trading halt date and time.
Assets of Users Not Selling Their Leveraged Tokens to Be Converted to USDT
Users still holding any of the affected leveraged tokens after February 28, 2024, will have the opportunity to sell them through the wallet function or the Binance Leveraged Tokens page before the scheduled delisting times. For those who do not do so, Binance will convert the tokens to Tether (USDT) at the relevant net asset value (NAV) during the delisting process.
Following the delisting process, Binance will distribute the USDTs to users’ accounts within 24 hours and remove the respective leveraged tokens from users’ wallets. Binance recommends that users take these changes into account and make the necessary adjustments to their leveraged token assets to avoid any inconvenience or loss.
