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Binance has announced a planned delisting of several leveraged token services linked to Bitcoin, Ethereum and BNB.

In the February 19 announcement to its user community, the crypto exchange noted that trading and subscription support for the Binance Leveraged Tokens (BLVTs) BTCUP, BTCDOWN, ETHUP, ETHDOWN, BNBUP and BNBDOWN will be halted on February 28, 2024 at 06:00 UTC.

While users will have until April 3, 2024 to redeem any BLVTs, Binance has urged customers to “trade BLVTs for other tokens prior to the scheduled trading cessation time.” Notably the exchange plans to delist and stop redemptions for the above BLVTs on April 3, 2024.

“If users are still holding the aforementioned BLVTs after the respective delisting time, Binance will convert these BLVTs to USDT based on the corresponding net asset value (NAV) at the time of delisting, and will distribute the USDT tokens to users’ accounts within 24 hours of delisting. After the distribution is completed, the aforementioned BLVTs will be removed from users’ wallets,” the exchange noted.

Leveraged tokens are perpetual contract positions that give users leveraged exposure to underlying tokens. These derivative products offer access to short-term trading opportunities and are rebalanced daily. With BLVTs, traders can get exposure to a basket of contracts or leveraged positions without having to put up collateral or face the threat of liquidation.

Binance’s announcement comes as the prices of Bitcoin and Ethereum hovered above key levels on Monday. BTC traded to intraday highs of $52,470 and ETH reached $2,930 as fresh impetus buoyed markets.

ETH is up nearly 14% in the past week, while Bitcoin has shed some of the weekly gains after hitting highs near $53,000 last week. The flagship cryptocurrency is up about 5% in the past seven days

The post Binance to cease support for multiple leveraged tokens appeared first on Invezz

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