Binance Delisting Cardano (ADA) and Polygon (MATIC) Perpetuals
Binance, the world’s largest cryptocurrency exchange, has officially announced the delisting of Cardano (ADA) and Polygon (MATIC) perpetual contracts.
The exchange’s move involves adjusting the leverage and margin tiers of ADABUSD and MATICBUSD perpetual contracts today, followed by their delisting after an automatic settlement on August 17 at 09:00 UTC. Users are urged to take the necessary actions regarding their positions due to these changes.
Reasons Behind the Binance Delisting
The specific reasons for the delisting were not explicitly stated in the announcement. However, there are potential factors that might have influenced this decision.
It’s unclear whether the move was prompted by a change in support for the BUSD stablecoin or if it relates to recent legal actions taken by the U.S. Securities and Exchange Commission (SEC) against Binance and Coinbase. The SEC has identified Cardano (ADA) and Polygon (MATIC) among tokens it considers to be securities.
Reduction in Leverage and Impact on Prices
The delisting also involves a reduction in leverage for both ADA and MATIC perpetual contracts. Users will not be able to open new positions for ADABUSD and MATICBUSD starting from 08:30 UTC on August 17.
Despite the denials from Cardano and Polygon executives regarding the SEC’s classification of ADA and MATIC as securities, the prices of these tokens have been affected. ADA’s price declined by 0.5% in the last 24 hours, trading at $0.29. MATIC’s price also dropped by 0.5%, trading at $0.69.
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