Sunday Binance announced that it will stop 39 liquidity mining pools this week according to the latest estimate. As this assessment was said to have failed, these 39 liquidity pools are expected to cease operations on September 1, 2023.
Liquidity pools stopped by Binance
This decision was made based on the platform’s recent liquid mining performance. The announcement states that Binance Liquid Swap will “regularly review the listed liquidity pools to concentrate liquidity for our users and ensure an optimized trading experience, price and slippage.”
As a result of the last review, the 39th Liquidity Pools The operations listed below are expected to cease operations on Friday:
ADA/BNB, ALICE/BTC, APE/BTC, AVA/USDT, AVAX/BNB, BTC/TUSD, CHZ /BNB, CHZ/BTC, CTSI/BNB, DOT/BUSD, ENJ/USDT, FIL/BNB, FRONT/ BUSD, GALA/BNB, ICP/BNB, ID /BTC, KDA/USDT, LIT/USDT, MATIC/BNB, NEO/BNB, PAXG/USDT, PEPE/USDT, SANTOS/USDT, SUSHI/BNB, SUSHI/BTC, SXP/BNB, SXP/BTC, THETA/BNB, THETA/BTC, TKO/USDT, TLM/USDT, TRX/BNB, TRX/ETH, WBTC/ETH, XMR/ETH, XMR/USDT, XVS/BTC, XVS/ USDT, ZEN/USDT.
Starting today, users will no longer be able to add liquidity to these liquidity pools for the time being. However, the liquidity of the above listed liquidity pools still remain accessible to ensure users are offered a trading experience.
Users can also continue to redeem and withdraw their assets from the respective pairs on Binance Spot before the September 1, 2023 deadline. User deposits in the liquidity pool are calculated based on the current composition of the respective pool and then calculated to be automatically converted into the user’s spot wallet.
According to the announcement, the removal of the liquidity pools listed above will not hinder other trading pairs on Binance Spot and users can continue trading with other liquidity pools that are currently available Binance Liquid Swap.
This is the second time Binance has eliminated liquidity pools this month. Also Binance on August 9, 2023 announced that the exchange would stop about 38 liquidity pools on August 18, 2023.
BNB price remains above $215 support | Source: BNBUSD on Tradingview.com
Multiple indictments are hampering Binance’s business
Amid these developments, crypto exchange Binance continues to deal with regulatory pressures that appear to be affecting its business. First, it’s Visa and Mastercard are slowly disconnecting from Balance due to the numerous regulatory measures taken by the US Securities and Exchange Commission (SEC) against the stock exchange.
One of the allegations leveled against Binance is that the exchange operated under an unregistered company and misled investors about the risk of the company.
Also, the US Commodity Futures Trading Commission (CFTC) in May filed several charges against the exchange for so-called “willful circumvention” of US law.
Among the hurdles the exchange faces are allegations against the US Department of Justice I’m looking at the exchange and is considering charging Binance with fraudulent activity.
On August 23, 2023, Binance announced on X (formerly Twitter) that the exchange’s card known as the Binance Card will no longer be available to users in Latin America and the Middle East.
Featured image from The Information, chart from Tradingview.com
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