Binance Drops Bombshell, Announces Delisting of Cardano and Polygon

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Binance, the world's leading cryptocurrency exchange, has announced significant updates for its Binance Futures trading platform. In a recent communication addressed to its user base, known as 'Binancians,' Binance Futures discloses its intention to delist perpetual contracts associated with Cardano (ADA) and Polygon (MATIC). This action will render these contracts unavailable for trading on the Binance platform starting August 17, 2023, at precisely 09:00 (UTC).

Although the precise motivations behind Binance's delisting decision remain undisclosed, the exchange its approach. All ongoing trading positions tied to ADABUSD and MATICBUSD perpetual contracts will be automatically settled and closed as part of this transition. Subsequent to the settlement process, these contracts will be removed from the roster of tradable assets.

Furthermore, Binance Futures announced adjustments to the leverage and margin tiers for both ADABUSD and MATICBUSD perpetual contracts, effective August 10, 2023, from 12:30 (UTC). Users who hold existing positions predating these modifications will experience a direct impact.

Given this announcement, users are strongly advised to make any necessary adjustments promptly to avoid encountering automatic settlements on the Binance Futures platform. Additionally, as of August 17, 2023, at 08:30 (UTC), users will no longer be able to initiate new positions involving these particular contracts.

Binance Futures serves as a trading arena within Binance, catering to traders interested in both quarterly and perpetual futures contracts. While quarterly contracts come with a three-month expiration timeframe, perpetual contracts retain their value indefinitely without any expiration date.