Crypto Exchange Binance Delisting ADA and MATIC Perpetuals
Crypto exchange Binance has officially announced on August 10 that it will delist the USDⓈ-M ADABUSD and MATICBUSD perpetual contracts. Users are advised to take necessary actions as Binance plans to close all positions and conduct an automatic settlement on August 17 at 09:00 UTC.
Furthermore, Binance will be making adjustments to the leverage and margin tiers of ADABUSD and MATICBUSD perpetual contracts at 12:30 UTC today. It is not yet clear whether this decision is a response to the decline in BUSD support or due to the SEC identifying Cardano and Polygon as securities in lawsuits against Binance and Coinbase.
Binance is primarily reducing the leverage for both Cardano (ADA) and Polygon (MATIC) perpetual contracts. Starting from 08:30 UTC on August 17, users will not be able to initiate new positions for ADABUSD and MATICBUSD.
Executives Respond to SEC Claims
Executives from Cardano and Polygon have refuted the SEC’s claims regarding ADA and MATIC being securities. The summary judgment ruling in the Ripple vs SEC case has also contributed to bringing some clarity to the situation.
ADA and MATIC Prices Experience Pressure
Both Cardano and Polygon prices are currently under pressure after being cited by the SEC as tokens believed to be securities.
ADA’s price has fallen by 0.5% in the last 24 hours, with the current trading price at $0.29. The 24-hour low and high for ADA are $0.297 and $0.301, respectively. Additionally, the trading volume has decreased by 30% in the past 24 hours, indicating reduced interest among traders.
MATIC’s price has also experienced a 0.5% drop in the last 24 hours, with the current trading price at $0.69. The 24-hour low and high for MATIC are $0.682 and $0.698, respectively.