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Binance to streamline liquidity pools, ending support for select crypto pairs

EditorRachael Rajan
Published 11/29/2023, 04:30 PM
Updated 11/29/2023, 04:30 PM
© Reuters.

In a strategic move to optimize trading experiences, Binance has announced the discontinuation of several liquidity pools on its Binance Liquid Swap service. The affected liquidity pairs, including AVAX/USDT, BCH/USDT, DOT/BNB, MATIC/BTC, SHIB/DOGE, SOL/BNB, TRX/USDT, and USDC/USDT and BCH/BNB, will be removed from the platform by December 6, with the goal of concentrating liquidity and reducing slippage for users.

Starting on Sunday, December 4, at 04:00 UTC, users will no longer be able to add funds to the affected pools. Following this, on Tuesday, December 6, Binance will initiate an automatic redemption process, transferring the assets from the discontinued pools directly into users' spot wallets.

This decision reflects Binance's broader strategy to streamline its offerings and improve market efficiency. The move is also in line with the exchange's plan to phase out support for the BUSD stablecoin by February 2024. Earlier actions by Binance have seen the removal of other major cryptocurrency pools such as BTC and ETH, as well as XRP and FTM in October.

The change is expected to impact liquidity providers who benefit from transaction fees and BNB rewards. However, Binance's approach is designed to ensure better transaction prices for its broader user base by enhancing liquidity concentration.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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