Leading cryptocurrency exchange Binance recently announced that it would be delisting its XRPUP and XRPDOWN leveraged tokens on July 25. This announcement came as the US SEC of the United States was suing both Binance and Ripple Labs for allegedly selling unregistered securities.
Users are urged to redeem their tokens using the wallet feature before the indicated date because both leveraged tokens that give users exposure to long or short positions in $XRP will be delisted from the site.
According to the release, if users continue to hold leveraged tokens after they are delisted, Binance will convert them into Tether’s USDT stablecoin based on their net asset value at that time.
This is not the first time this year that Binance has taken decisions to delist tokens. Just a month back, 21 spot trade pairs were taken off the market on May 26, according to Binance. Eight of these trading pairs, notably, are for AUD: Avalanche (AVAX), Axie Infinity (AXS), Polkadot (DOT), Fantom (FTM), Chainlink (LINK), Sandbox (SAND), and Shiba Inu (SHIB).