Important Binance Update Regarding Ripple (XRP)
TL;DR
- Binance will delist 12 liquidity pools, including XRP/BUSD, from Binance Liquid Swap on October 17, with assets moved to users’ Spot wallets.
- The move aims to improve liquidity and transaction prices; it has no effect on Binance Spot trading. XRP’s price has seen a decline possibly linked to the delisting.
- Earlier, Binance removed 19 pairs, predominantly with BUSD, aligning with plans to discontinue BUSD support next year.
Binance Removing 12 Trading Pairs
The world’s largest cryptocurrency exchange – Binance – announced that it will delist a dozen liquidity pools on October 17 from Binance Liquid Swap. The affected trading pairs include XRP/BUSD, MANA/BUSD, OP/BUSD, BEL/USDT, FTM/BUSD, FUN/USDT, GMT/BNB, GMT/ETH, HFT/USDT, IDEX/USDT, LEVER/USDT, and MAGIC/BTC.
The company did not give a precise reason for its move but stated that it “periodically reviews listed liquidity pools to concentrate liquidity, reduce slippage, and provide users with better transaction prices.”
It also assured that affected customers will automatically receive their deposited assets in their Spot wallets on October 17.
Subsequently, the organization explained that removing the liquidity pools does not impact trading of the corresponding pairs on Binance Spot.
The latest delisting spree from the crypto giant could be one reason XRP’s price keeps plunging. The token dropped to a monthly low of approximately $0.48 (per CoinGecko): a significant decline compared to the almost $0.55 reached last week after Ripple’s second court win against the US SEC.
The Previous Delisting
Earlier this month, Binance removed 19 additional trading pairs, including ANKR/BUSD, DATA/BUSD1INCH/BUSD, POLYX/BUSD, RARE/BUSD, SLP/BUSD, SUSHI/BUSD, and more.
“To protect users and maintain a high quality trading market, Binance conducts periodic reviews of all listed spot trading pairs and may delist selected spot trading pairs due to multiple factors, such as poor liquidity and trading volume,” the company stated.
It is worth mentioning that all of these are BUSD trading pairs, and the exchange has previously disclosed that it will discontinue support for the stablecoin at the beginning of next year.
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