• Mir Ali
• 11 Aug, 2023

Binance, the world's largest cryptocurrency trading platform, reveals intentions to discontinue backing certain Cardano (ADA) and Polygon (MATIC) pairs. This move signifies the delisting of impacted trade pairs, including USDⓈ-M ADABUSD and MATICBUSD Perpetual Contract, within Leverage and Margin Tiers.

Binance exchange remains discreet about the specific causes behind its decision to halt backing these trade pairs. Nevertheless, the trading platform urges its users to settle positions before 9:00 a.m. UTC on August 17th. Binance confirms an automatic settlement on the designated date, followed by subsequent delisting of the chosen pairs.

Probable reasons for delisting:

"Recent weeks have been marked by uncertainty for Cardano and Polygon, among various cryptocurrencies now classified as investment contracts by the U.S. SEC. This labeling has triggered speculation about the tokens' futures. While Binance generally excludes U.S. users, avoiding regulatory attention and adding to its ongoing lawsuit seems prudent.

The risky nature of ADABUSD and MATICBUSD perpetual contract leverage and margin tiers, combined with BUSD's SEC securities scrutiny, justifies delisting these pairs. Notably, platforms like Robinhood and eToro have also removed Cardano, Polygon, and Solana (SOL) pairs, as previously reported by U.Today."

Hopes for redemption:

"While the U.S. SEC hasn't formally accused the startups behind these coins, the Cardano Foundation and Solana Foundation have vehemently contested the SEC's claims. Presently, Ripple Labs' progress in their legal fight against the SEC regarding XRP's status serves as a beacon of hope, potentially ensuring future vindication for ADA and other impacted tokens."

#Binance #Matic #ADA #Polygon #LegitAdviser