1. BITBILIHome
  2. Article

Binance announces delisting of XRPUP and XRPDOWN leveraged tokens amidst legal battles

• 47 views

TL;DR Breakdown

  • Binance announces delisting of XRPUP and XRPDOWN leveraged tokens due to SEC legal action against Binance and Ripple Labs.
  • Users are urged to redeem tokens before the delisting date, receiving USDT stablecoin in exchange.
  • Binance’s proactive measures aim to mitigate the impact of changes in trading options for users.

Description

Binance, one of the leading cryptocurrency exchanges, has made an announcement regarding the delisting of leveraged tokens XRPUP and XRPDOWN on July 25. This decision comes in the wake of legal action taken by the United States Securities and Exchange Commission (SEC) against both Binance and Ripple Labs, alleging the sale of unregistered securities. To … Read more

Binance, one of the leading cryptocurrency exchanges, has made an announcement regarding the delisting of leveraged tokens XRPUP and XRPDOWN on July 25. This decision comes in the wake of legal action taken by the United States Securities and Exchange Commission (SEC) against both Binance and Ripple Labs, alleging the sale of unregistered securities.

To ensure a smooth transition, Binance urges users to redeem their tokens using the wallet function before the delisting date. In exchange for the leveraged tokens, Binance will provide an equivalent amount of Tether’s USDT stablecoin to affected users.

Leveraged tokens have been popular among investors looking to enhance their exposure to specific cryptocurrencies like XRP. These tokens are designed to track the price movements of the underlying cryptocurrency by adjusting leverage dynamically through a sophisticated algorithm.

The delisting of XRPUP and XRPDOWN is not the first move by Binance this year. On May 26, the exchange removed 21 spot trade pairs from trading. Notable cryptocurrencies impacted by this change included Avalanche (AVAX), Axie Infinity (AXS), Polkadot (DOT), Fantom (FTM), Chainlink (LINK), Sandbox (SAND), and Shiba Inu (SHIB).

While Binance assures users that they can continue trading these assets with different pairs, the decision to delist was necessitated by losing the exchange’s banking partner for the AUD on- and off-ramp. Consequently, customers were unable to utilize the PayID payment facility.

Despite these adjustments, Binance remains committed to providing a seamless trading experience for its users. The exchange emphasizes that users can still trade the affected assets, albeit with alternative pairs. Binance’s dedication to maintaining a user-friendly platform has prompted these proactive measures to mitigate the impact of changes in trading options.

Binance’s forthcoming delisting of XRPUP and XRPDOWN leveraged tokens reflects the ongoing legal challenges the exchange and Ripple Labs face. Users are advised to redeem their tokens before the specified date, with Binance offering USDT stablecoin in exchange.

Although the delisting of leveraged tokens follows the removal of several spot trade pairs earlier this year, Binance assures its users that they can continue trading the affected assets using different pairs. The exchange’s proactive approach aims to ensure a smooth trading experience amid changes prompted by the loss of banking partnerships.

Additionally, the earlier removal of several spot trade pairs was necessitated by the loss of the exchange’s AUD banking partner. Despite these challenges, Binance remains committed to supporting its users’ trading activities with alternative trading pairs.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:Binance announces delisting of XRPUP and XRPDOWN leveraged tokens amidst legal battles

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年7月13日 09:39
Next 2023年7月13日 11:37

Related articles

  • Africa-Asia fintech Jia secures $4.3 million in seed funding

    TL;DR Breakdown Fintech firm Jia, targeting micro and small businesses in emerging markets, has secured $4.3 million in seed funding led by TCG Crypto, along with an additional $1 million commitment for on-chain liquidity. Jia plans to strengthen its operations in Kenya and the Philippines before exploring new markets in West Africa, Latin America, and Asia. The company’s unique model uses decentralized finance to offer loans and provides borrowers with tokens post-repayment, essentially turning borrowers into owners. Opening a new chapter in blockchain-based finance, the fintech firm Jia has secured a significant investment of $4.3 million in seed funding. This early-stage financial boost has been spearheaded by TCG Crypto, bolstered by several participating entities including BlockTower, Hashed Emergent, Saison Capital, and Global Coin Research. Additionally, an extra $1 million has been allocated for on-chain liquidity, underscoring the confidence of investors in Jia’s model. Jia creating waves in Kenya and the Philippines Jia, founded in 2020 by a team of former Tala executives, including Zach Marks, Cheng Cheng, Ivan Orone, and Yuting Wang, focuses on providing loans to micro and small…

    Article 2023年5月22日

  • Hong Kong Extends Invitation to Coinbase and Crypto Companies Amid Regulatory Scrutiny 

    TL;DR Breakdown Hong Kong Legislative Council member Johnny Ng extends an invitation to Coinbase and global virtual asset trading operators to apply for regulatory licenses in Hong Kong. Hong Kong’s decision to allow retail investors to trade cryptocurrencies has sparked increased interest and demand for digital assets, positioning the region as a potential global hub. In the midst of heightened regulatory scrutiny on the crypto market ecosystem in the United States, Hong Kong Legislative Council member Johnny Ng has extended an open invitation to global virtual asset trading operators, including Coinbase, to set up shop in the region.  This move comes as the U.S. Securities and Exchange Commission (SEC) targets Coinbase with charges of violating securities laws, raising concerns among the crypto trading community. In contrast to the regulatory environment in the United States, Hong Kong has recently allowed retail investors to trade Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies, leading to increased demand for Chinese crypto coins. Contents hide 1 Hong Kong Leader Welcomes Coinbase and Crypto Companies 2 SEC’s Charges Against Coinbase and Regulatory Landscape in the United…

    Article 2023年6月13日

  • CleanSpark reveals $9.3M deal to purchase two turnkey mining campuses in US 

    TL;DR Breakdown CleanSpark, a crypto mining firm, is embarking on an ambitious infrastructure expansion plan in the United States with the acquisition of two Bitcoin mining facilities in a $9.3 million cash deal.  The newly acquired facilities will house more than 6,000 Antminer S19 XPs and S19J Pro+s, contributing an estimated 1 exahash per second (EH/s) to CleanSpark’s overall hashrate.  In April, the company made headlines with its purchase of 45,000 Antminer S19 XP rigs for $144.9 million, which is expected to bring an additional 6.4 EH/s of mining power. Description CleanSpark, a crypto mining firm, is embarking on an ambitious infrastructure expansion plan in the United States with the acquisition of two Bitcoin mining facilities in a $9.3 million cash deal. The company has entered into a definitive agreement to purchase turnkey Bitcoin mining campuses located in Dalton, Georgia. The newly acquired facilities will house … Read more CleanSpark, a crypto mining firm, is embarking on an ambitious infrastructure expansion plan in the United States with the acquisition of two Bitcoin mining facilities in a $9.3 million cash deal….

    Article 2023年6月24日

  • Monero community sounds displeasure over Mordinals

    TL;DR Breakdown The Monero community has sounded a note of displeasure over the emerging Mordinals on the blockchain. Proponents of Mordinals believe issues can be tackled via updates. Mordinals, also known as Monero ordinals, have emerged as a novel feature within the Monero blockchain, enabling the incorporation of additional information and expanding its capabilities beyond transaction data storage. However, this innovative concept has sparked a heated debate within the crypto community, particularly regarding its impact on user privacy and the decentralization of the network. Monero community criticizes Mordinals One of the main criticisms raised against Mordinals is the potential threat they pose to user privacy. Monero, known for its strong privacy features, utilizes “ring signatures” to link transactions, ensuring anonymity within the network. Critics argue that the introduction of Mordinals could compromise this privacy by allowing attackers to fill blocks with fake NFTs, potentially differentiating legitimate transactions from fake ones. This concern is amplified by the United States Internal Revenue Service’s (IRS) interest in tracking Monero transactions, which suggests a market demand for breaching Monero’s privacy features. Proponents believe an…

    Article 2023年5月23日

  • UBS’s plan for Credit Suisse’s investment bank

    TL;DR Breakdown UBS has completed the acquisition of rival Credit Suisse and plans to reduce its unprofitable and capital-intensive business. UBS aims for the combined investment banking businesses to account for no more than 25% of risk-weighted assets. The task of overseeing the restructuring has been given to former UBS group treasurer, Bea Martin. Description Setting a historic precedent in the world of banking, UBS has completed the acquisition of Credit Suisse, its scandal-ridden rival. Focused on mitigating risks, UBS is undertaking a challenging initiative rarely attempted before – dismantling the unprofitable and capital-intensive business to its very foundations. Stripping back to basic foundations UBS’s bold step could potentially have … Read more Setting a historic precedent in the world of banking, UBS has completed the acquisition of Credit Suisse, its scandal-ridden rival. Focused on mitigating risks, UBS is undertaking a challenging initiative rarely attempted before – dismantling the unprofitable and capital-intensive business to its very foundations. Stripping back to basic foundations UBS’s bold step could potentially have a ripple effect throughout the banking sector. Analysts, such as Justin Bisseker…

    Article 2023年7月2日
TOP