Binance to close off all positions for ADA and MATIC perpetual contracts this week following SEC clampdown - ELEVENEWS
Binance Exchange is set to delist all Cardano and Polygon perpetual contracts on August 17. The move follows recent labeling by the US SEC, branding ADA and MATIC as securities in its clampdown on the...
- Binance Exchange is set to delist all Cardano and Polygon perpetual contracts on August 17.
- The move follows recent labeling by the US SEC, branding ADA and MATIC as securities in its clampdown on the industry.
- The change could have ramifications for traders and investors, forcing them to reevaluate their tactics and risk tolerance levels.
Binance exchange, the largest cryptocurrency trading platform by trading volume, is set to delist all Cardano (ADA) and Polygon (MATIC) perpetual contracts this week, a move driven by regulatory clampdown by the recent US Securities and Exchange Commission (SEC).
Binance to delist ADA and MATIC perpetual contracts
Binance users who trade futures will no longer have ADA and MATIC on the catalog beginning August 17, following a recent official announcement from the exchange. The decision comes after the SEC labeled the two altcoins, among others, securities, during its industry crackdown on securities law violators.
During the labeling, the SEC alleged that the following crypto assets traded on Binance’s exchange platform are securities:
Binance Coin (BNB), Binance USD (BUSD), Solana (SOL), Cardano (ADA), Polygon (MATIC), Filecoin (FIL), Cosmos Hub (ATOM), Sandbox (SAND), Decentraland (MANA), Algorand (ALGO), Axie Infinity (AXS) and COTI (COTI)
US-based Coinbase exchange was also caught in the mix barely a day after Binance was spotted. It should be noted that both Cardano and Polygon teams refuted the accusations strongly, but this was not enough to change the regulator’s stance. Evidence of this is best seen in its bearing on the strategic choices of Binance exchange, hence this report.
Cardano, Polygon perpetual contracts delisting process
The delisting processes, scheduled for Thursday at 9:00 UTC, will be preceded by an automated settlement and changes to leverage and margin levels. Users have been asked to prepare in advance.
With this, users have barely four days to create new positions in ADABUSD and MATIC BUSD, leveraging the closing window to profit from perpetual contracts while they still can.
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