In a recent announcement, Binance, one of the world’s leading cryptocurrency exchanges, revealed that it would halt trading and subscription of XRPUP/USDT and XRPDOWN/USDT leveraged token trading pairs.
The trading cessation will occur on May 12th, 2023, at 03:00 (UTC). After this time, all open trade orders involving these leveraged tokens will be automatically removed from the platform.
Binance users who hold XRPUP and XRPDOWN leveraged tokens are strongly advised to trade them for alternative tokens before the scheduled cessation. Failure to do so may make the tokens inaccessible once the trading pairs are discontinued.
The exchange will provide a redemption service for XRPUP, and XRPDOWN leveraged tokens to ensure a smooth transition. The redemption service will remain available until further notice, allowing users to convert their tokens through the wallet function or the Leverage Tokens page.
According to the announcement post, further details regarding the redemption process will be communicated through a separate announcement.
Binance’s move to cease trading of XRPUP and XRPDOWN leveraged tokens demonstrates the exchange’s commitment to ensuring the highest security standards, compliance, and user experience.
However, by proactively managing its product offerings, Binance aims to maintain a robust and reliable trading environment for its users.
Binance Announces Removal Of Spot Trading Pairs
On the same day, the exchange made another important announcement regarding removing certain spot trading pairs and terminating strategy trading services for specific assets.
The decision, which was unveiled on the same day, aims to streamline Binance’s trading offerings and improve overall user experience.
Effective from 2023-05-04 03:00 (UTC), Binance will delist the following spot trading pairs: AXS/BRL, GAL/BRL, GLMR/BNB, RAD/BNB, UNI/EUR, VOXEL/BNB, and YGG/BNB. It means that these trading pairs will no longer be available for trading on the platform.
However, it is important to note that users can still trade these assets using other available trading pairs on Binance. Furthermore, the exchange will terminate strategy trading services for the aforementioned spot trading pairs at the same time, 2023-05-04 03:00 (UTC), where applicable.
Strategy trading allows users to implement automated trading strategies based on predefined conditions. To avoid potential losses, Binance strongly advises users to update or cancel their trading strategies before the cessation of strategy trading services.
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