Binance to Halt Trading for XRP Leveraged Tokens, Delisting Scheduled for July 25th

Binance to Halt Trading for XRP Leveraged Tokens, Delisting Scheduled for July 25th

Binance, a prominent cryptocurrency exchange, has recently announced its decision to suspend trading of XRP leveraged tokens. The trading halt for XRPUP and XRPDOWN tokens will come into effect on July 25th.

To initiate the delisting process, trading of XRPUP/USDT and XRPDOWN/USDT will be temporarily suspended at 06:00 (UTC) on July 25th. The system automatically closed any active trade orders placed by customers. Binance encourages users to trade their XRPUP and XRPDOWN tokens for alternative assets before the delisting takes place.

To facilitate a smooth transition, users are advised to redeem their leveraged tokens using the wallet function or the dedicated Leverage Tokens page before the delisting deadline. In case users still hold these tokens after the delisting, Binance will convert them to USDT based on the net asset value (NAV) at the time of delisting. The USDT tokens will be distributed to users’ accounts within 24 hours, following which the leveraged token assets will be removed from the wallet.

Currently, the tokens are no longer available for trading on the Binance platform. However, Binance has maintained the redemption service open for customers who still possess these tokens, allowing them to redeem the leveraged tokens for USDT via the dedicated Leveraged Tokens page or the wallet function.

Previously, the exchange had announced its intention to cease trading for spot tokens against BUSD as well.

Leveraged Tokens are specifically designed to amplify gains or losses in trading. For instance, a 2x leveraged token would offer double the returns of the underlying asset. The XRPUP token multiplies investors’ returns in the event of XRP price increases, while XRPDOWN token magnifies returns in case of XRP price declines.

The delisting of XRPUP and XRPDOWN tokens follows Binance’s previous actions earlier this year when the exchange delisted numerous leveraged tokens. In January, Binance announced the delisting of twenty leveraged tokens scheduled between February 14th and 18th. Additionally, six leveraged tokens were delisted from May 9th to 11th.

In an earlier development, the exchange introduced its 32nd Launchpad project with the launch of the Arkham (ARKM) token.