- Binance set to delist 12 liquidity pools from Binance Liquid Swap on October 17; assets to be transferred to users’ Spot wallets.
- XRP’s price experiences a potential decline, possibly connected to the delisting announcement.
Binance Streamlines Its Liquid Swap
In an effort to continually refine its trading offerings, Binance, the world’s leading cryptocurrency exchange, has publicized its intent to remove 12 liquidity pools from Binance Liquid Swap on October 17. This move includes the prominent trading pair, XRP/BUSD, alongside other pairs such as MANA/BUSD, OP/BUSD, and MAGIC/BTC.
Reasons Behind the Move
While Binance did not pinpoint a specific reason, the exchange clarified that they
“periodically review listed liquidity pools to concentrate liquidity, reduce slippage, and provide users with enhanced transaction prices.”
For users concerned about this transition, Binance has assured that those affected by the delisting will see their assets automatically moved to their Spot wallets on the aforementioned date.
Furthermore, to quell any potential misconceptions, Binance has emphasized that the removal of these liquidity pools won’t have any ramifications on the trading of the corresponding pairs on Binance Spot.
Interestingly, the timing of this announcement might have influenced the market sentiment surrounding XRP. Following this news, the cryptocurrency saw its price dip to a monthly nadir of about $0.48, down from nearly $0.55 just the week before, post Ripple’s consecutive legal victory against the US SEC.
Highlighting a Pattern: The BUSD Factor
This isn’t the first time Binance has made such a sweeping decision. Earlier in the month, the exchange delisted 19 more trading pairs, a majority of which were paired with BUSD. Binance’s rationale for such removals centers on maintaining a high-quality trading market, periodically reviewing trading pairs for liquidity and trading volume adequacy.
Notably, these adjustments come on the heels of Binance’s prior announcement that it intends to phase out support for the BUSD stablecoin early next year. This overarching strategy might be indicative of Binance’s broader objectives to optimize its platform for both liquidity and user experience.