The world’s largest cryptocurrency exchange, Binance, recently announced that it will be removing specific liquidity pools from Binance Liquid Swap. As part of this decision, the crypto exchange will remove some significant liquidity pools, including XRP, Fantom, Optimism, and Decentraland.
Binance, the largest cryptocurrency exchange in the world, is known for its volume and its Binance Liquid Swap, which allows users to provide liquidity in pools and earn transaction fees and BNB rewards while easily exchanging cryptocurrencies.
On October 10th, Binance officially announced that certain liquidity pools on Binance Liquid Swap will be removed. Binance will remove some significant liquidity pools such as XRP/BUSD, FTM/BUSD, MANA/BUSD, and OP/BUSD. This move is an important part of the crypto exchange’s strategy to fully terminate the support for the stablecoin BUSD by February 2024.
Among the other liquidity pools to be removed are BEL/USDT, FUN/USDT, GMT/BNB, GMT/ETH, HFT/USDT, IDEX/USDT, LEVER/USDT, and MAGIC/BTC.
Following Binance’s move, users will not be able to add liquidity to the mentioned liquidity pools starting from October 17th at 07:00 GMT. Binance stated that users who have positions in these liquidity pools will have their deposited cryptocurrencies automatically transferred to their spot wallets on October 17th. Binance provided the following note:
Users can choose to withdraw their cryptocurrencies from the above-mentioned liquidity pools before 07:00 GMT on October 17th. After that 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 periodically reviews the listed liquidity pools to consolidate liquidity, reduce slippage, and provide better trading prices to its users. This announcement of removing liquidity pools is a result of this periodic review.