Binance to delist FTX leveraged tokens

Exchanges • March 30, 2020, 1:35AM EDT
FTX

Crypto exchange Binance has decided to delist all 25 FTX leveraged tokens.

"Due to lack of understanding of how leveraged tokens work by many of our users, Binance has decided to delist all existing FTX leveraged tokens and corresponding trading pairs, and will stop trading at 2020/03/31 10:00 AM (UTC)," Binance stated in an announcement published on Saturday. 

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. 

Binance is delisting BULL, BEAR, ETHBULL, ETHBEAR, EOSBULL, EOSBEAR, BNBBULL, BNBBEAR, XRPBULL and XRPBEAR assets, and their trading pairs against USDT and BUSD.

In a separate announcement, FTX said Binance does not want to support leveraged tokens because they "are complicated products, and Binance doesn't want to manage the user education and customer support for them."

FTX is backed by Binance, which invested "tens of millions" dollars in it last December. 

AUTHOR

Celia Wan profile picture Celia Wan

Celia joined The Block as a reporter after earning her BA in the History of Science from the University of Chicago. Having spent years pondering over why 2+2 cannot equal 5, she is interested in the history and philosophy of mathematics, computation, and cryptography. She also had a very brief stint at Crunchbase News.

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