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Silver Level Contributor
Binance Cut Leveraged Tokens Because Users ‘Don’t Read Warning Notices’

CZ image via Binance


The CEO of Binance says the exchange had no choice but to delist FTX leveraged tokens because users didn't understand how to trade them and failed to read the warning notices.

In a tweet thread Saturday, Changpeng "CZ" Zhao said too many users had suffered significant devaluations and the exchange had decided to remove all FTX leveraged tokens in order to safeguard users, just over two months after first listing the tokens.

"The main reason for delisting is we find many users don't understand them. Even with pop-ups warning users each time, people still don't read it," Zhao said. "Given they are some of the most actively traded token, it is bad for business to delist them. Not an easy choice. But ... Protecting users comes first."

FTX is a crypto derivatives exchange that operates out of Antigua and Barbuda. It first introduced its leveraged tokens soon after launching in May 2019.

Based on Ethereum's ERC-20 standard, each token tracks an underlying position, either bullish or bearish, in a perpetual contract at 3x leverage. They are designed to be easily tradeable and can be purchased like a token on the spot market. They protect against liquidations by adjusting to price moves automatically.

Read more here



Originally posted by:
Paddy Baker
March 30th, 2020

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