In an unexpected move, Binance, arguably one of the world’s largest crypto exchanges, has revealed its decision to delist two trading pairs involving Litecoin (LTC) and Dogecoin (DOGE). These pairs, specifically perpetual futures linked with Binance’s native stablecoin Binance USD (BUSD), are set to be removed from the exchange’s offerings. The slated date for this delisting event is Aug. 24.
Another facet of this development is the reduction in maximum leverage on these instruments. In the interim period leading up to the delisting, leverage for these pairs will be halved, with 10x as maximum. Investors whose positions were open prior to the announcement are also not immune to the change.
This move is the latest in a series of such actions undertaken by Binance in recent times. The black-and-yellow crypto giant has been extremely active lately in what can be called a general cleanup, notably targeting tokens directly linked with BUSD. At the same time, instruments related to tokens that have regulatory issues, such as Cardano (ADA), have also been subject to cuts.
One may attribute this cleanup to the heightened scrutiny that Binance is currently facing from regulatory bodies, most notably the U.S. Department of Justice (DoJ) and the SEC. Throughout this year, Binance has been subjected to various high-profile investigations, marking a contentious period for the platform.
Its latest episode was Binance filing a motion with the court to obtain a protective order from the SEC. The exchange wants the SEC to prohibit it from questioning witnesses on issues outside the scope of the case. As a result, Binance’s request was referred to a magistrate, U.Today reported.
Financial analyst, trader and crypto enthusiast.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master’s program in banking and asset management.
He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.
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