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Binance Dropped Credit Tokens, Other Exchanges Picked Up
CONTENT

  • Binance will delist all credit tokens by the end of March.

  • Some competitors decided to take advantage of the opportunity and offered similar services.

  • BitMax announced the listing of several credit tokens that have been withdrawn from Binance.

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Binance recently decided to delist all leveraged tokens, and its competitors were quick to jump into the game after seeing opportunities to provide the same services..

Binance made a splash by announcing that it no longer supports FTX credit tokens. Binance found tokens that move according to pegs (like ETH or EOS) too risky. The reason for the exclusion from the list was “user protection”, but this step caused widespread outrage.

A chance for competitors

Delisting has become a great opportunity for other exchanges to compete with Binance.
For example, BitMax yesterday announced the listing of 12 credit tokens just days after Binance took them off the list..

https://t.co/ZgbxdXzvT8 will list 12 #FTX leveraged tokens: ETHBULL, ETHBEAR, LTCBULL, LTCBEAR, EOSBULL, EOSBEAR, BNBBULL, BNBBEAR, ALTBULL, ALTBEAR, EXCHBULL, EXCHBEAR. @FTX_Official #BTMX

Trading will start at 10:00 a.m. EDT on Mar 30th, 2020.

Details: https://t.co/FOaZasPkvF pic.twitter.com/8VlkuNRHqe

– BitMax Official (@BitMax_Official) March 29, 2020

Few other exchanges now support leveraged tokens. Gate.io is one notable exception, but Binance was by far the most popular platform for this type of trading..

And since this is an FTX invention, then, of course, this exchange is the main place for trading credit tokens..

It is possible that other leading exchanges will also add credit tokens in the near future as Binance continues to have issues with delisting them..

Will Binance Issue Its Own Credit Tokens?

Some believe that the reason Binance delisted the credit tokens is due to the lack of profit. Instead, Binance decided to partner with FTX, but now the partnership has effectively ended. These tokens were very popular throughout the exchange..

However, Binance already offers margin trading that allows users to speculate on future value..

Binance Dropped Credit Tokens, Other Exchanges Picked Up

It is unlikely that the exchange will want to complicate matters by issuing its own credit tokens. It is easier for users to switch to the FTX exchange if they want to continue to trade such tokens.

FTX has its problems, however. As reported in November 2019 by BeInCrypto, the exchange was hit by a $ 150 million “nasty lawsuit” filed in the US District Court in Northern California..
Then, earlier this month, someone tried to implement an FTX token (FTT) scam on Binance. Strong fluctuations have led to the fact that the token new cryptocurrencies types of tokens. They can represent value or something intangible, such as voices..

Binance Dropped Credit Tokens, Other Exchanges Picked Up

Two…

Binance Dropped Credit Tokens, Other Exchanges Picked Up

More reached $ 3.80 and then crashed to $ 0.40. Then it stabilized around $ 2.30.

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