The leading centralized crypto trading platform, Binance, is embarking on a significant move that impacts prominent cryptocurrencies in its liquidity pool.
In a recent statement, Binance announced its intention to delist at least 16 digital asset pairs from Binance Liquid Swap. The to-be delisted cryptocurrencies from the Binance liquidity pool are pairs of the Binance stablecoin BUSD.
Specifically, they include BUSD pairs of BNB, Bitcoin, Cardano (ADA), Ethereum, Litecoin, Shiba Inu, Polygon (MATIC), Solana, Uniswap, Chainlink (LINK), and Dogecoin. Besides, Binance will remove stablecoin pairs, including BUSD/DAI and BUSD/USDT.
According to the notification, the exchange will carry out the removals next Friday, October 27.
Why’s Binance Removing the Pairs?
Notably, Binance gave no specific reasons to delist the over 16 pairs from its liquidity pool. Instead, it offered a generic explanation for the action.
In particular, the exchange stated that removing the prominent trading pairs aligned with its periodic 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 its dedication to guaranteeing an enhanced 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 on the date in the spot wallet. The exchange added:
“Deposits in the liquidity pools will be calculated based on the prevailing composition ratios of the corresponding pool.”
Meanwhile, platform users may withdraw their position before the removal date. Also, Binance Liquid Swap users cannot add liquidity for any of the 17 pairs from Monday, October 23.
Furthermore, Binance clarified that deleting those digital assets from Binance Liquid Swap will not impact their trading on Binance Spot.
Removing well-known tokens such as Shiba Inu, Bitcoin, and Ethereum from the Binance Liquid Swap will impact users’ trading experience. Yet, it is worth emphasizing that the to-be-removed pairs will remain tradable on the Binance spot market.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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