Binance Drops Cardano Leveraged Tokens Amid Piling Lawsuits

Binance to delist ADA leveraged tokens amidst piling legal battles.

Girl looking sad at a large hand from the sky dumping Cardano coins.
Created by Gabor Kovacs from DailyCoin
  • Binance is delisting Cardano leveraged products. 
  • Users are urged to redeem their tokens before August 16th.
  • Regulatory uncertainty surrounding Binance and Cardano has added complexity to the situation.

It has become increasingly challenging for Binance, the world’s largest crypto exchange, to navigate its current regulatory turbulence as regulators worldwide target the platform with lawsuits and stringent policies. 

After suffering an $870 billion trade volume drop this year, Binance is trying to downsize and restructure to sustain the regulatory onslaught. Its latest move involves dropping Cardano leveraged products from its platform.

Binance Delists Cardano Leveraged Products

On August 9, Binance notified its users that it would delist Cardano leveraged token trading pairs ADAUP and ADADOWN on August 16. The leveraged products reported a combined issuance of 1.55 billion tokens, with a trading volume exceeding $1.5 million. 


Operating as perpetual contracts, these tokens allowed traders on Binance to gain amplified exposure to long and short positions on Cardano’s ADA. Traders would use these tokens to de-risk their positions from the threat of liquidation on their positions.

Binance advised users to redeem their tokens using the wallet function before delisting. If users still possess the leveraged tokens after the delisting, the exchange will convert them into Tether’s USDT stablecoin based on their net asset value. 

Binance has yet to explain why they’re removing the tokens; however, it is likely because of ADA’s regulatory uncertainty and classification as a security. Earlier, the exchange delisted XRP and leveraged products from its platform. 

On the Flipside

Why This Matters

Binance’s decision to delist ADA amidst ongoing legal battles holds substantial implications and signals the mounting pressure faced by both the exchange and the token from regulators. 


More on Cardano: 

Cardano’s MuesliSwap Issues Refunds over Slippage Outrage

Read Why Binance Delisted XRP: 

Binance Removing XRP Leveraged Tokens Amid SEC Lawsuits

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Insha Zia

Insha Zia is a senior journalist at DailyCoin covering crypto developments, especially in the Cardano ecosystem. With a Bachelor of Science in Computer Systems Engineering, he delivers high-quality articles with his technical background and expertise in data analysis and programming languages, aiming to educate and inform readers accurately, transparently, and engagingly. Insha believes education can drive mass adoption of the crypto space, and he is committed to giving DailyCoin readers a better understanding of the technology.