1. BITBILIHome
  2. Article

Binance delists ADA and MATIC perpetual contracts amid regulatory shifts

• 41 views

TL;DR Breakdown

 

  • Binance removes perpetual Cardano (ADA) and Polygon (MATIC) contracts.
  • The move is tied to regulatory actions related to the SEC’s classification of ADA and MATIC as securities.
  • Binance will conclude positions for ADABUSD and MATICBUSD on August 17 at 9:00 UTC.

Description

Binance, the world’s largest cryptocurrency market, has decided to delist perpetual contracts for Cardano (ADA) and Polygon (MATIC). The exchange’s decision stems from its intention to cease providing USDS-M perpetual contracts for ADABUSD and MATICBUSD, according to an official statement released on August 10. This decision follows an automated settlement scheduled for today, after which … Read more

Binance, the world’s largest cryptocurrency market, has decided to delist perpetual contracts for Cardano (ADA) and Polygon (MATIC). The exchange’s decision stems from its intention to cease providing USDS-M perpetual contracts for ADABUSD and MATICBUSD, according to an official statement released on August 10. This decision follows an automated settlement scheduled for today, after which the exchange will initiate the delisting process, coupled with necessary adjustments to leverage and margin levels.

Notably, the move is linked to recent regulatory developments, potentially revolving around the Securities and Exchange Commission’s (SEC) classification of Cardano and Polygon tokens as securities. This classification has sparked actions against major exchanges, including Binance and Coinbase, sending ripples through the crypto community. Although both Cardano and Polygon vehemently deny these allegations, the SEC’s stance has influenced Binance’s strategic decisions.

Effective August 17 at 9:00 UTC, Binance will end all positions for ADABUSD and MATICBUSD, facilitating an automated settlement process. In light of this, the exchange encourages users to make necessary adjustments before the cutoff date to avoid inconvenience.

Further changes are underway as Binance is set to modify leverage and margin tiers for MATICBUSD and ADABUSD perpetual contracts. This unanticipated shift might have significant implications for traders and investors, leading them to reassess their strategies and risk tolerance levels.

However, these developments have a silver lining. Users still have the opportunity to open new positions in ADABUSD and MATICBUSD until 8:30 UTC on August 17. This window is a final chance for traders to capitalize on potential market opportunities before the perpetual contracts are effectively halted.

The cryptocurrency market is no stranger to regulatory uncertainties, and Binance’s latest move amplifies this ongoing challenge. As the crypto space continues to evolve, market participants find themselves at the intersection of technological innovation and regulatory scrutiny. The decisions made by major exchanges like Binance can significantly impact the trajectory of individual tokens and the broader market landscape.

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 delists ADA and MATIC perpetual contracts amid regulatory shifts

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8月11日 21:29
Next 2023年8月11日 23:17

Related articles

  • Binance accused of misconduct with user funds

    TL;DR Breakdown Binance, a leading global cryptocurrency exchange, is facing allegations of mishandling user funds. The claims revolve around the company’s complex network of financial operations, involving entities like Key Vision Development, Merit Peak, and Binance Holdings. Customers were directed to deposit funds directly into the Key Vision account, a practice that has raised concerns about transparency and accountability. Binance, the global cryptocurrency titan, finds itself in the hot seat following allegations of inappropriate handling of client funds, adding a new chapter to the saga surrounding the company’s complex financial operations. The accusations pivot around the intricate network the exchange has established to move and manage client and company funds across the globe. Shadowy financial network Within the labyrinthine financial network of Binance, a handful of entities hold significant sway. Among them is Key Vision Development, a firm incorporated in Seychelles and controlled by CEO Changpeng Zhao. Alongside Merit Peak and Binance Holdings, these entities form the fulcrum of the company’s international operations. Among the central players in this controversy is Silvergate, a small bank based in San Diego, that…

    Article 2023年5月25日

  • Crypto community slams the upcoming crypto tax law

    TL;DR Breakdown The crypto community has shown concern about the newly proposed crypto tax rule. Prominent industry figures fear the impact on innovation and growth. Description The recent announcement of new crypto tax reporting rules by U.S. President Joe Biden has triggered strong criticism from several well-known voices in the crypto community. The Internal Revenue Service (IRS) proposed on August 25 that brokers adhere to stricter guidelines for the sale and trade of digital assets. This move, aimed at curbing tax … Read more The recent announcement of new crypto tax reporting rules by U.S. President Joe Biden has triggered strong criticism from several well-known voices in the crypto community. The Internal Revenue Service (IRS) proposed on August 25 that brokers adhere to stricter guidelines for the sale and trade of digital assets. This move, aimed at curbing tax evasion, would involve the introduction of a new form to simplify tax filings and deter fraudulent activities. Critics warn of the impact on the industry in the US According to the U.S. Department of the Treasury, the intent behind these proposed…

    Article 2023年8月27日

  • Israel foreign residents could get tax-free crypto sales

    TL;DR Breakdown A bill recently passed a preliminary reading in the Israel parliament, the Knesset, which could grant foreign residents an exemption from capital gains taxes on the sale of digital currencies. The explanatory note accompanying the bill highlights the regulatory gap in the country’s digital currency industry and proposes legislative amendments to address this issue. One notable aspect of the bill is the separation of the terms “digital currency” and “security” which is in contrast to the proposed regulatory framework put forward by the Israeli Securities Authority (ISA). Description A bill recently passed a preliminary reading in the Israeli parliament, the Knesset, which could grant foreign residents an exemption from capital gains taxes on the sale of digital currencies. The bill, sponsored by Likud party member Dan Ilouz, also seeks to reduce the tax rate on crypto bonuses for employees from the current 50% … Read more A bill recently passed a preliminary reading in the Israeli parliament, the Knesset, which could grant foreign residents an exemption from capital gains taxes on the sale of digital currencies. The bill,…

    Article 2023年7月7日

  • Blockchain Assoc. Files FOIA Request With SEC Over Prometheum’s Broker-Dealer Approval

    TL;DR Breakdown Prometheum’s recent approval for the SPBD has raised suspicions within the blockchain community. The Blockchain Association has filed a FOIA request with the SEC concerning Prometheum and its Special Purpose Broker-Dealer (SPBD) for digital asset securities. The Blockchain Association has taken a significant step by filing a Freedom of Information Act (FOIA) request with the U.S. Securities and Exchange Commission (SEC), seeking crucial information regarding Prometheum and its Special Purpose Broker-Dealer (SPBD) for digital asset securities. The move comes as the SEC intensifies its enforcement efforts within the cryptocurrency industry. Prometheum, a prominent player in the digital assets space, recently made headlines for obtaining approval for its pioneering SPBD. However, this development has raised suspicions within the blockchain community and prompted the Blockchain Association to take action. Concerns of Blockchain Association Members The association’s concerns are further compounded by the revelation that Prometheum’s CEO secured a seat in front of Congress to advocate for the company as a compliant path for digital assets. Additionally, it has come to light that Prometheum has paid over $1.5 million in sales…

    Article 2023年6月18日

  • SEC cracks down on Utah-based DEBT Box in crypto fraud scheme, freezing $50 million in assets

    TL;DR Breakdown The SEC has obtained a freeze on assets of Utah-based DEBT Box for alleged fraudulent crypto sales, raising $50 million. DEBT Box reportedly misled investors about “node licenses” to generate crypto tokens, creating them instantaneously with blockchain coding instead. Eighteen defendants are charged, and the SEC is seeking permanent injunctive relief, return of gains, and civil penalties, highlighting concerns over unregistered crypto securities. Description On Thursday, the Securities and Exchange Commission (SEC) launched an emergency legal intervention against Digital Licensing Inc., conducting business as “DEBT Box,” alongside its four principals and 13 additional defendants. This move is in response to the discovery of an alleged fraudulent scheme that sold unregistered crypto asset securities named “node licenses” to hundreds of … Read more On Thursday, the Securities and Exchange Commission (SEC) launched an emergency legal intervention against Digital Licensing Inc., conducting business as “DEBT Box,” alongside its four principals and 13 additional defendants. This move is in response to the discovery of an alleged fraudulent scheme that sold unregistered crypto asset securities named “node licenses” to hundreds of U.S….

    Article 2023年8月4日
TOP