Binance announced that Cardano (ADA) and Polygon (MATIC) contracts will be delisted next week. The exchange will adjust the leverage and margin layers of the ADABUSD and MATICBUSD perpetual contracts today and delist them following an automatic settlement according to plan.

Binance delists Cardano and Polygon contracts

Crypto exchange Binance said in an official announcement on August 10 that it will delist the USDⓈ-M ADABUSD and MATICBUSD perpetual contracts. Users were asked to make the necessary changes as Binance will close all positions and perform automatic settlement at 09:00 UTC on August 17.

In addition, Binance will adjust the leverage and margin levels of the ADABUSD and MATICBUSD perpetual contracts at 12:30 UTC today. However, it is unclear whether this move comes in response to the discontinuation of BUSD support or the SEC's designation of Cardano and MATIC as securities in lawsuits filed against Binance and Coinbase.

Binance is essentially reducing leverage for both Cardano (ADA) and Polygon (MATIC) perpetual contacts. Users are not allowed to open new positions for ADABUSD and MATICBUSD as of 08:30 UTC on August 17. Meanwhile, Cardano and Polygon executives denied the SEC's claims that ADA and MATIC are securities. The summary judgment decision in Ripple vs SEC helped bring some clarity.

ADA and MATIC prices are under pressure

Cardano and Polygon prices remain under pressure after the SEC listed them among tokens it believes are securities. ADA price has fallen 0.5 percent in the last 24 hours and the price is currently trading at $0.29. The 24-hour low and high price are $0.297 and $0.301 respectively. Additionally, trading volume has decreased by 30 percent in the last 24 hours, indicating a lack of interest among traders.

MATIC price has also fallen by 0.5 percent in the last 24 hours and the price is currently trading at $0.69. The 24-hour low and high price are $0.682 and $0.698 respectively.

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