Binance to shut down multiple leveraged token services
Binance urged users to convert and redeem their tokens into other assets before the deadline.
Crypto exchange Binance has said it will cease support for some of its leveraged tokens linked to Bitcoin (BTC), Ether (ETH) and BNB (BNB) on April 3.
Binance announced the decision to end support for leveraged tokens paired with Tether (USDT) on Feb. 19. The leveraged tokens affected include BTCUP and BTCDOWN, ETHUP and ETHDOWN, and BNBUP and BNBDOWN.
The crypto exchange will suspend the trading and subscription services for the three leveraged token pairs on Feb. 28 at 06:00 UTC. According to Binance, all trade orders for the leveraged tokens that they mentioned will be “automatically removed” on the set date. This means that users will not be able to place any orders from that time onward. Binance urged its users to trade the leveraged tokens that they are holding into other assets before the set deadline.
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