Today, the cryptocurrency market was highly mobile. In the midst of this movement, the cryptocurrency exchange Binance has announced that it has suspended some transactions. Cryptocoin. com, as we have previously reported, the exchange suspended withdrawals for Ethereum and ERC20 tokens due to network congestion. Then, it was announced that some leveraged transactions were temporarily suspended. Here are the details …
Binance temporarily suspends trading of leveraged tokens
The cryptocurrency exchange announced today at around 5:00 pm that it has “temporarily suspended the trading of all Binance Leveraged Tokens except BTCUP, BTCDOWN, ETHUP, ETHDOWN, BNBUP and BNBDOWN”. Subscription and usage for all Binance leveraged tokens have been temporarily suspended. When the affected leveraged token trade is opened, the exchange said a new announcement will be made.
Binance’s leveraged tokens are tokens designed to trade with short-term bets in line with the market movement. Therefore, long-term retention is risky. Because these tokens can cause settled distortions if there is no price movement in favor of the position taken.
The crypto exchange also suspended the withdrawal of Ethereum and ERC20 tokens.
As we previously reported, the exchange had suspended withdrawals on Ethereum and ERC20 tokens. The reason was the congestion in the network, drawing attention to the high transaction fees. After the cryptocurrency exchange, around 5:30 pm, he tweedolves that these transactions were reactivated.