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Binance removes the XRP/BUSD liquidity pool while expanding support for the cryptocurrency by adding the XRP/FDUSD trading pair on cross and isolated margins.
Binance, the world’s largest crypto exchange by 24-hour trading volume, has announced the removal of the XRP/BUSD liquidity pool on the Binance Liquid Swap.
The top exchange made this known in a blog post today, emphasizing that the move is part of its effort to optimize users’ trading experience.
XRP/BUSD Pool Removed
According to the official announcement, the XRP/BUSD liquidity pool will be removed from the Binance Liquid Swap on October 17, 2023, at 04:00 (UTC).
Following the removal of the XRP/BUSD liquidity pool, users will receive their deposited assets in their spot wallets within the same timeframe. Binance noted that users cannot add liquidity into the pool from October 13, 2023.
Furthermore, users can choose to redeem their assets from the pool before October 17.
“Thereafter, deposits in the liquidity pools will be calculated based on the prevailing composition ratios of the corresponding pool and automatically redeemed to users’ Spot wallets,” it added.
Binance Removes Other Liquidity Pools
It bears mentioning that Binance also removed two other BUSD pair liquidity pools, including OP/BUSD and FTM/BUSD.
The recent removal is part of an ongoing strategy by the exchange to end support for all BUSD products gradually. Notably, the exchange made the decision after the New York Department of Financial Services (NYDFS) ordered stablecoin issuer Paxos to stop minting the new BUSD.
Besides the removal of three BUSD-paired liquidity pools from the Binance Liquidity Swap, Binance also discontinued some USDT and BTC-paired pools, including BEL/USDT, FUN/USDT, GMT/BNB, GMT/ETH, HFT/USDT, IDEX/USDT, LEVER/USDT, and MAGIC/BTC.
Binance Adds New XRP Pair on Isolated and Cross Margin
Meanwhile, Binance expanded its support for XRP by pairing the cryptocurrency with First Digital USD (FDUSD) on the Isolated Margin and Cross Margin products.
The exchange also added other new isolated and cross-margin pairs, such as BNB/FDUSD, SOL/FDUSD, WBETH/USDT, and WBETH/ETH.
The announcement follows the addition of Wrapped Beacon ETH (WBETH) as a new collateral asset on Isolated Margin and Cross Margin.