In a move slated for October 27, 2023, Binance, a leading cryptocurrency exchange, is set to withdraw additional liquidity pools from its Liquid Swap platform. The withdrawal will impact Binance USD (BUSD) pairs including Bitcoin, Cardano, and Solana. This follows the company's previous removal of 17 liquidity pools, which included BTC/BUSD from associated mining platforms.
Users with funds in these pools will not need to take any action as their assets will be automatically transferred to their Spot wallets. This is part of a broader strategy by Binance to streamline its operations and provide competitive transaction fees. The company has recently delisted several pairs like FTM/BUSD, OP/BUSD, and MANA/BUSD in an effort to curb slippage.
Concurrently, Binance is ending all Binance USD-linked services and products. This decision has led to a significant decrease in the stablecoin's market cap from $22.50 billion to $2 billion within the year 2023.
Despite these changes and facing global regulatory hurdles, Binance continues to expand its network. The company is establishing new partnerships aimed at improving Euro transactions for its European customers. These partnerships are expected to offer more efficient transaction processes and further solidify Binance's position in the global cryptocurrency market.
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