Binance Will Terminate Redemption Service Of XRP Leveraged Tokens From From July 25

Key Points:

• Binance, one of the leading cryptocurrency exchanges, announced the discontinuation of XRP leveraged tokens, with trading to cease on July 25.
• The delisting includes XRPUP and XRPDOWN tokens, as well as spot trading for XRP against BUSD.
• Binance advised users to redeem their leveraged tokens before the delisting, and any remaining tokens will be converted to USDT based on the net asset value and distributed to users’ accounts.

Leading cryptocurrency exchange, Binance, has revealed its decision to halt trading for XRP leveraged tokens. The discontinuation of trading for XRPUP and XRPDOWN tokens will take effect on July 25.

As part of the delisting process, trading for XRPUP/USDT and XRPDOWN/USDT will be suspended on July 25 at 06:00 (UTC). Any active trade orders initiated by customers were automatically closed by the system. Binance urged users to trade their XRPUP and XRPDOWN tokens for other assets before the delisting.

To facilitate the transition, users are advised to redeem their leveraged tokens through the wallet function or the dedicated Leverage Tokens page before the delisting. For users still holding these tokens after the delisting deadline, Binance will convert them to USDT based on the net asset value (NAV) at the time of delisting. The USDT tokens will be distributed to users’ accounts within 24 hours, after which the leveraged token assets will be removed from the wallet.

At present, the tokens are no longer available on the Binance platform. However, Binance has kept the redemption service open for customers who still hold these tokens, enabling them to redeem the leveraged tokens for USDT through the dedicated Leveraged Tokens page or the wallet function.

The exchange had previously announced its plans to cease trading for spot tokens against BUSD as well.

Leveraged Tokens are designed to amplify gains or losses in trading. For example, a 2x leveraged token would provide twice the return of the underlying asset. The XRPUP token multiplies investors’ returns in the event of XRP price increases, while XRPDOWN multiplies returns in the case of XRP price declines.

The delisting of XRPUP and XRPDOWN tokens follows Binance’s previous actions this year, where the exchange delisted several leveraged tokens. In January, Binance announced the delisting of twenty leveraged tokens between February 14 and 18. Additionally, six leveraged tokens were delisted from May 9 to 11.

Earlier, the exchange introduced its 32nd Launchpad project with the launch of the Arkham (ARKM) token.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.