Binance Delisting Cardano (ADA) And Polygon (MATIC), But’s There’s A Catch

The world’s largest crypto exchange Binance on Thursday announces delisting of Cardano (ADA) And Polygon (MATIC) perpetual contacts next week. The exchange will adjust the leverage and margin tiers of ADABUSD and MATICBUSD perpetual contracts today and delist them after an automatic settlement as per the plan.

Binance Delisting Cardano (ADA) And Polygon (MATIC) Perpetuals

Crypto exchange Binance in an official announcement on August 10 said it will delist USDⓈ-M ADABUSD and MATICBUSD perpetual contracts. Users are requested to make necessary changes as Binance will close all positions and conduct an automatic settlement on August 17 at 09:00 UTC.

In addition, Binance will adjust the leverage and margin tiers of ADABUSD and MATICBUSD perpetual contracts at 12.30 UTC today. However, it’s unclear whether the move has come in response to dropping BUSD support or the SEC citing Cardano and MATIC as securities in lawsuits against Binance and Coinbase.

Binance is mainly reducing leverage for both Cardano (ADA) And Polygon (MATIC) perpetual contacts. Users are not allowed to open new positions for ADABUSD and MATICBUSD from 08:30 UTC on August 17.

Meanwhile, Cardano and Polygon executives have denied the SEC’s arguments regarding ADA and MATIC are securities. The summary judgment ruling in Ripple vs SEC case even helped bring some clarity.

Also Read: FTX Creditors And Debtors’ Latest Dispute Overshadows Reorganization Plan

ADA and MATIC Prices Under Pressure

Cardano and Polygon prices remain under pressure after SEC cited them among tokens the agency believes are securities.

ADA price fell 0.5% in the last 24 hours, with the price currently trading at $0.29. The 24-hour low and high are $0.297 and $0.301, respectively. Furthermore, the trading volume has decreased by 30% in the last 24 hours, indicating a lack of interest among traders.

MATIC price also dropped 0.5% in the last 24 hours, with the price currently trading at $0.69. The 24-hour low and high are $0.682 and $0.698, respectively.

Also Read: Lawyer Says US SEC Challenging XRP ODL Sales Is A Big Concern For Ripple

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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