Binance to delist FTX leveraged tokens
Binance and FTX, two prominent cryptocurrency exchanges both now offering derivatives products, have announced a strategic partnership in late December 2019.
FTX is arguably the most innovative crypto-derivatives exchange with the wide range of products they offer. These include volatility-based “MOVE”, the “AltPerp” index, leveraged tokens and many more products.
The leveraged tokens made it to Binance’s exchange that has a much wider user base. Unfortunately, very few understand how these leveraged tokens function and hence Binance made the decision to delist them from 31/03/2020.
The assets delisted are: BULL, BEAR, ETHBULL, ETHBEAR, EOSBULL, EOSBEAR, BNBBULL, BNBBEAR, XRPBULL and XRPBEAR. All of their pairings with several stablecoins will be delisted.
Users will either have to withdraw their leveraged tokens outside of the exchange, trade out of their positions or simply await for Binance itself to liquidate these positions at the delisting date and have their accounts credited with the equivalent stablecoin amount within 14 days.
Leverage tokens certainly have their specific use-case, however they are certainly not a replacement for holding a crypto-asset itself as an investment. While the risk of liquidation at 3x leverage is decreased to a minimum, the performance of these leveraged tokens is very poor when an asset fluctuates; every single asset does. Below is a chart of ETHBEAR which most would have through would be in great profit since the 12 March crash, which couldn’t be further from the truth. In fact it is clearly back at the lows.
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