Leading centralized crypto trading platform Binance is making a significant move that impacts major cryptocurrencies in its liquidity pool.
In a current one opinionBinance announced its intention to remove at least 16 digital asset pairs from Binance Liquid Swap. The cryptocurrencies scheduled to be removed from the Binance liquidity pool are pairs of the Binance stablecoin BUSD.
Specifically, they include BUSD pairs BNB, Bitcoin, Cardano (ADA), Ethereum, Litecoin, Shiba Inu, Polygon (MATIC), Solana, Uniswap, Chainlink (LINK), and Dogecoin. Additionally, Binance will remove stablecoin pairs including BUSD/DAI and BUSD/USDT.
According to the announcement, the exchange will carry out the moves next Friday, October 27th.
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Why is Binance removing the pairs?
Notably, Binance has not provided any specific reasons for deleting the 16+ pairs from its liquidity pool. Instead, it offered a general explanation for the action.
Notably, the exchange stated that the removal of the key trading pairs is in line with its regular reviews of liquidity pools “to concentrate liquidity, reduce slippage and provide users with better transaction prices.”
In other words, the decision is in line with the goal of ensuring an improved trading experience for its user base.
Following the removal on October 27, Binance Liquidity Pool traders holding positions in the affected pairs will automatically receive their assets in the spot wallet on that date. The exchange added:
“Deposits in the liquidity pools are calculated based on the prevailing composition ratios of the corresponding pool.”
Meanwhile, platform users can withdraw their position before the deletion date. Additionally, as of Monday, October 23, Binance Liquid Swap users will not be able to add liquidity for any of the 17 pairs.
Additionally, Binance clarified that deleting these digital assets from Binance Liquid Swap will not affect their trading on Binance Spot.
Removing well-known tokens such as Shiba Inu, Bitcoin and Ethereum from Binance Liquid Swap will impact users’ trading experience. However, it is worth highlighting that the pairs being removed will still remain tradable on the Binance spot market.
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Disclaimer: This content is for informational purposes and should not be considered financial advice. The views expressed in this article may contain the personal opinion of the author and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic assumes no liability for any financial losses.
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