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The world's largest cryptocurrency exchange Binance announced on Tuesday that it will remove select liquidity pools from the Binance Liquid Swap. The move includes the removal of key liquidity pools for XRP, Fantom (FTM), Optimism (OP) and Decentraland (MANA).
Binance Liquid Swap enables users to contribute liquidity to pools, becoming liquidity providers and earning from transaction fees, as well as BNB Faucet rewards while easily exchanging different cryptocurrencies.
Specifically, Binance will remove important liquidity pools such as XRP/BUSD, FTM/BUSD, MANA/BUSD and OP/BUSD. This is part of a larger strategy to completely end support for the BUSD stablecoin by February 2024.
Additionally, the list of other liquid pools slated for delisting includes BEL/USDT, FUN/USDT, GMT/BNB, GMT/ETH, HFT/USDT, IDEX/USDT, LEVER/USDT and MAGIC/BTC. From October 13 at 07:00 (Bulgarian time), users will no longer be able to add liquidity to these pools. Additionally, users holding positions in these pools will automatically receive their deposited cryptocurrency assets in their spot wallets on October 17th.
According to the message users have the opportunity to withdraw their assets from the specified pools before 2023-10-17 07:00. After this date, deposits in the liquidity pools will be calculated based on the prevailing ratios of the composition of the respective pool and will be automatically redeemed in the spot wallets to users.
Binance said it conducts regular checks on listed liquidity pools to concentrate liquidity, minimize gaps and offer better transaction prices to its users. This process ensures an optimized crypto exchange trading experience.