Binance has revealed that it will be removing perpetual contracts for Cardano (ADA) and Polygon (MATIC) in BUSD pairs. This decision comes as uncertainty grows in the market.
The biggest cryptocurrency exchange in the world, Binance, has declared that it will remove perpetual contracts for Cardano (ADA) and Polygon (MATIC) next week.
Today, the exchange will change the leverage and margin levels for ADABUSD and MATICBUSD perpetual contracts. These contracts will then be delisted after an automatic settlement, following the outlined plan.
Binance Removing Cardano (ADA) and Polygon (MATIC) Perpetual Contracts
On August 10, the cryptocurrency exchange Binance officially stated that it will remove USDⓈ-M ADABUSD and MATICBUSD perpetual contracts. Users should take note that Binance will shut down all positions and perform an automatic settlement at 09:00 UTC on August 17.
Additionally, Binance plans to modify the leverage and margin levels for ADABUSD and MATICBUSD perpetual contracts at 12:30 UTC today. However, the reason behind this adjustment remains unclear; it could be due to a drop in BUSD support or the SEC’s classification of Cardano and MATIC as securities in lawsuits against Binance and Coinbase.
Binance’s primary action is to decrease the leverage for both Cardano (ADA) and Polygon (MATIC) perpetual contracts. Starting from 08:30 UTC on August 17, users won’t be able to open new positions for ADABUSD and MATICBUSD.
On a different note, executives from Cardano and Polygon have refuted the SEC’s claims about ADA and MATIC being securities. The recent summary judgment outcome in the Ripple vs. SEC case has contributed to providing some clarity on this matter.
ADA and MATIC Prices Facing Pressure
Cardano and Polygon prices continue to feel pressure due to being mentioned by the SEC as tokens that the agency considers securities.
Over the past 24 hours, ADA’s price declined by 0.5%, reaching $0.29 at the moment. The price ranged between $0.297 and $0.301 during this time. Additionally, trading volume dropped by 30% in the last day, indicating reduced interest among traders.
Similarly, MATIC’s price also decreased by 0.5% in the past 24 hours, currently sitting at $0.69. The price fluctuated between $0.682 and $0.698 within this period.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
Author
