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The world’s leading crypto exchange by volume, Binance, confirmed plans to remove 39 liquidity pools from its Liquid Swap on Monday. Top digital assets eliminated include Bitcoin, Cardano, Polkadot, Filecoin, Pepe Coin, Avalanche, and Tron.
Binance’s narrowing liquidity pools
On 28 August, the exchange announced the removal of 39 liquidity pools. Binance periodically reviews its services and products to add or remove crypto.
Meanwhile, the latest Binance updates show the exchange faces surged regulatory woes from the United States SEC and CFTC. That has catalyzed deteriorated liquidity and trading volumes.
Users will no longer access liquidity pools for BNB, Bitcoin, Ethereum, and other assets as of 1 September 04:00 UTC. Moreover, Binance will suspend the addition of liquidity to the mentioned pools today, whereas individuals with positions on the tokens will receive their assets on 1 September in their crypto wallets.
Binance stated that removing the liquidity reservoirs will not affect corresponding pairs on Binance Spot (where applicable). Moreover, users can continue trading in other pools on Binance Liquid Swap.
Further, the exchange plans to change its zero-fee trading for BTCUSD margin and spot trading pair. Such a move could catalyze a significant crash as trading volumes will sink. Similar developments emerged in March when Binance terminated zero-free trading.
Binance announces support for the BNB Smart Chain upgrade
Besides narrowing liquidity pools to concentrate liquidity and guarantee “optimized trading experience, price, and slippage,” Binance declares support for the BNB Smart Chain network upgrade and hardfork.
Scheduled for 30 August 2023, the fork upgrade will happen at 31,302,048 block height. The exchange will suspend token deposits and withdrawals on the Smart Chain on the update day from 07:15 UTC.
The post Binance removes Bitcoin, Cardano, and Polkadot pairs from Liquid Swap appeared first on Invezz.
