Binance, one of the largest stock exchanges in the world, made a new statement regarding futures. The company has announced that all FTX tokens on the exchange will be removed.
Just a few weeks ago, Binance announced that it had announced an announcement about FTX tokens and added new parities to the stock market. After this announcement, Binance users were able to make transactions with BNBBULL / USDT, BNBBULL / BUSD, BNBBEAR / USDT and BNBBEAR / BUSD parities starting from 11 March at 10:00.
Shortly after Binance added these parities to the stock market, it decided to stop all FTX transactions. Traders could trade futures as if they were trading in the spot market without having to calculate the margin or liquidity price using FTX tokens.
Each of the tokens such as BTCBULL and ETHBULL were leveraged tokens prepared with the ERC-20 standard. The issue was that the ETHBULL token represented a long ETH position with threefold leverage. When ETH price increased by 1%, ETHBULL price increased by 3%. When ETH price decreased by 1%, there was a 3% decrease in ETHBULL.
People were able to trade futures much easier than usual using FTX tokens. However, these tokens can also cause serious confusion.
Of the building; Due to the lack of information on how to use FTX tokens, it decided to remove all FTX tokens on the stock exchange. Binance users will not be able to send or withdraw money as of 31 March at 13:00 CET.
According to the statement made by Binance, all kinds of FTX tokens currently held on the stock exchange will be removed. We can list these tokens as follows: