Binance to Withdraw More Liquidity Pools, Impacting BUSD Pairs

In a planned move set for October 27, 2023, Binance, a prominent cryptocurrency exchange, will be withdrawing additional liquidity pools from its Liquid Swap platform. This withdrawal will mainly affect Binance USD (BUSD) pairs. This decision follows the company’s earlier removal of 17 liquidity pools, which included the BTC/BUSD pair from associated mining platforms.

Users who have funds in these pools will not need to take any action, as their assets will be automatically transferred to their Spot wallets. This initiative is part of Binance’s broader strategy to streamline its operations and maintain competitive transaction fees. Recently, the exchange has delisted several pairs such as FTM/BUSD, OP/BUSD, and MANA/BUSD in an effort to reduce slippage.

At the same time, Binance is discontinuing all services and products linked to Binance USD. This decision has contributed to a significant decline in the stablecoin’s market capitalization, which has dropped from $22.50 billion to $2 billion within the year 2023.

Despite these changes and the challenges posed by global regulatory issues, Binance continues to expand its network. The company is forming new partnerships aimed at enhancing Euro transactions for its European customers. These collaborations are expected to provide more efficient transaction processes and further strengthen Binance’s position in the global cryptocurrency market.

This article was generated with the support of AI and reviewed by an editor.