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The biggest cryptocurrency exchange in the world, Binance, has chosen to remove Cardano (ADA) and Polygon (MATIC) perpetual contracts from its listing. According to a formal announcement made on August 10, the exchange’s decision is the result of its desire to stop offering USDS-M perpetual contracts for ADABUSD and MATICBUSD. The exchange will start the delisting process and make the appropriate changes to leverage and margin levels following the automated settlement scheduled for August 10.
Binance will close out holdings for ADABUSD and MATICBUSD
It should be noted that the action is related to recent regulatory developments, possibly involving the Securities and Exchange Commission’s (SEC) categorization of Cardano and Polygon tokens as securities. This categorization has triggered legal actions against significant exchanges, such as Binance and Coinbase, which have reverberated across the cryptocurrency ecosystem. Although Cardano and Polygon strenuously refute these accusations, the SEC’s position has had an impact on Binance’s strategic choices.
Binance will close off all positions for ADABUSD and MATICBUSD at 9:00 UTC on August 17, enabling an automated settlement procedure. Due to this, the exchange advises users to make any necessary changes before the deadline in order to avoid inconvenience.
Further adjustments are being made as Binance prepares to update the leverage and margin tiers for the perpetual MATICBUSD and ADABUSD contracts. For traders and investors, this unplanned change may have enormous ramifications and force them to reevaluate their tactics and levels of risk tolerance.
Nevertheless, there is a positive aspect to these changes. Up to 8:30 UTC on August 17, users can still create new positions in ADABUSD and MATICBUSD. Traders have one more window to take advantage of any market opportunities before the perpetual contracts are really stopped.
#Binance Futures Will Delist and Update the Leverage & Margin Tiers of USDⓈ-M ADABUSD and MATICBUSD Perpetual Contracts at
🗓 Aug 17 2023, 09:00 (UTC).
Read more⤵️https://t.co/Rs0eD4513G
— Binance Futures (@BinanceFutures) August 10, 2023
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