Binance to delist FTX leveraged tokens


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. 

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

NYC mayor Eric Adams receives first paycheck in the form of BTC and ETH

Eric Adams, the mayor of New York City, made good on a previous pledge by receiving via automatic conversion his first paycheck in the form of cryptocurrency. According to a Thursday morning statement from the mayor’s office, Adams’ paycheck was converted into BTC and ETH.  “New York is the center of the world, and we […]
Read Full Story
Jan 20, 2022, 3:23PM UTC