Binance Announces Removal Of BTC, ETH, ADA, DOGE, SHIB, XRP Liquidity Pools

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Binance Announces Removal Of BTC, ETH, ADA, DOGE, SHIB, XRP Liquidity Pools – Crypto News

Published

2 years ago

December 29, 2023

Dripp

In a recent announcement, Binance Liquid Swap noted that certain liquidity pools would be removed from the platform on January 5, 2024. To improve the user trading experience, Binance Liquid Swap is currently conducting regular reviews of its listed liquidity pools.

This evaluation aims to streamline liquidity, minimize slippage, and deliver more favorable transaction prices for users. Hence, the crypto exchange is set to delist liquidity pools concerning Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Dogecoin (DOGE), Shiba Inu (SHIB), and XRP.

List Of Liquidity Pools To Be Removed From Binance Liquid Swap

According to the latest announcement, the following Binance liquidity pools are slated for removal on January 5, 2024, at 04:00 a.m. UTC:

ADA/BTC
BNB/USDT
BTC/USDT
DOGE/BTC
DOGE/USDT
ETH/USDT
LINK/BTC
SHIB/USDT
USDT/DAI
XRP/USDT

It is important to note that users with positions in these pools will automatically receive their deposited assets in their Spot wallets on January 5, 2024, at 04:00 a.m. UTC. Moreover, Binance noted that these liquidity pools will not impact the trading of corresponding pairs on Binance Spot.

Users also have the option to redeem their assets from these pools before January 5, 2024, at 04:00 a.m. UTC. If one fails to redeem their deposits before this date, they will be automatically redeemed based on prevailing composition ratios to users’ Spot wallets. However, starting from January 1, 2024, at 04:00 a.m. UTC, traders would not be able to add liquidity to the above-mentioned pools.

Also Read: Binance User Base Swells 30% in 2023 Amid Regulatory Challenges

Delisting Of GBP Spot Trading Pairs

As reported by Coingape earlier, Binance had recently announced the delisting of various cryptocurrency trading pairs in GBP on Binance Spot. The delisting plan included significant pairs such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Binance Coin (BNB), XRP, Cardano (ADA), Polygon (MATIC), Chainlink (LINK), Dogecoin (DOGE), and Litecoin (LTC). The delisting has been effective from December 29, 2023.

Earlier, in October 2023, the crypto trading platform ceased accepting new customers in the UK in order to adhere to the new FCA regulations, which limit promotions from international digital asset firms in the country. Thereafter, users trading via GBP faced issues regarding withdrawals and deposits after the exchange terminated its operating agreement with its banking partner in the UK. Hence, it had to delist the spot trading pairs to ease the challenges faced by its users.

Also Read: Binance Relists SOL, XRP, ADA, MATIC & Other Top Crypto In USDC Pairs