Binance disclosed its plans to discontinue trading for the XRP leveraged tokens earlier, revealing that the development will occur today.
Binance has discontinued trading for XRPUP and XRPDOWN – two XRP leveraged tokens – today. The leading crypto exchange earlier announced plans to cease trading for the leveraged tokens against USDT, noting that the move will be implemented on May 12.
In accordance with the prior announcement, trading for XRPUP/USDT and XRPDOWN/USDT ceased at 03:00 (UTC) today, upon which all active trade orders initiated by customers were automatically closed by the system. The exchange had implored customers to trade their XRPUP and XRPDOWN tokens for other assets before the delisting.
The tokens are no longer on the Binance platform as of press time. If some customers still hold these tokens after the delisting event, Binance has kept the redemption service for them open, allowing users to redeem the leveraged tokens for USDT through the dedicated Leveraged Tokens page or the wallet function.
Leveraged Tokens are specifically meant to multiply the gains (or losses) made in a trade. For instance, a 2x leveraged token would deliver 2 times the return of the underlying asset. The XRPUP token multiplies investors’ returns when XRP goes up, and XRPDOWN multiplies investors’ returns when XRP goes down.
The XRPUP and XRPDOWN tokens are the latest in a long line of leveraged tokens delisted by Binance this year. In January, the exchange announced plans to delist twenty leveraged tokens from Feb. 14 to 18. Last month, Binance also disclosed that it would cease trading for six leveraged tokens from May 9 to 11.
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