Binance Announces Removal of Liquidity Pools
The world’s largest cryptocurrency exchange, Binance, recently made a significant announcement regarding its Binance Liquid Swap. As part of this decision, specific liquidity pools will be removed, including XRP, Fantom, Optimism, and Decentraland.
Binance to Remove XRP, FTM, and MANA Liquidity Pools
Binance, renowned for its trading volume, operates the Binance Liquid Swap, allowing users to provide liquidity and earn transaction fees and BNB rewards while seamlessly exchanging cryptocurrencies.
On October 10th, Binance confirmed the removal of certain liquidity pools, such as XRP/BUSD, FTM/BUSD, MANA/BUSD, and OP/BUSD. This action is part of Binance’s strategy to fully terminate support for the stablecoin BUSD by February 2024.
Other liquidity pools to be removed include BEL/USDT, FUN/USDT, GMT/BNB, GMT/ETH, HFT/USDT, IDEX/USDT, LEVER/USDT, and MAGIC/BTC.
Liquidity Pools Removal Effective October 17th at 07:00 GMT
Starting from October 17th at 07:00 GMT, users will not be able to add liquidity to the aforementioned pools. Binance has outlined that users holding positions in these pools will have their deposited cryptocurrencies automatically transferred to their spot wallets on October 17th.
Here is the note from Binance:
Users can choose to withdraw their cryptocurrencies from the mentioned liquidity pools before 07:00 GMT on October 17th. After this time, the cryptocurrencies in the liquidity pools will be automatically transferred to users’ spot wallets based on the current composition ratios of the pools.
Binance conducts periodic reviews of listed liquidity pools to consolidate liquidity, reduce slippage, and offer better trading prices to users. The decision to remove these liquidity pools stems from one such review.
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