The world’s largest crypto exchange is ending support for FTX leveraged tokens.
Binance, per an announcement, has decided to delist all FTX leveraged tokens and their corresponding trading pairs due to users’ “lack of understanding of how leveraged tokens work.”
Trading will stop at 10:30 a.m. (UTC) on March 31, with withdrawals and deposits ending slightly earlier at 8:00 a.m.
The assets that are set to be delisted include BULL, BEAR, ETHBULL, ETHBEAR, XRPBULL, and XRPBEAR.
Here’s The Block with details on what FTX leveraged tokens are:
FTX leveraged tokens are ERC-20 tokens that allow traders exposure to FTX’s perpetual futures with up to 3x leverage. For every future on FTX, there are three leveraged tokens available – BULL for long positions, BEAR for short positions, and HEDGE for hedging against the market direction.
FTX also announced Binance’s decision to delist in a separate update. According to them, Binance’s move was largely caused by user education, saying “Leveraged Tokens are complicated products, and Binance doesn’t want to manage the user education and customer support for them.”