Important update from Binance regarding Ripple (XRP) Cryptocurrency scrgruppen

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  • Binance will delete 12 liquidity pools, including XRP/BUSD, from the Binance Liquid Swap on October 17, moving the assets to users’ Spot wallets.
  • This step aims to improve liquidity and transaction prices. It has no impact on Binance Spot trading. The price of XRP saw a decline possibly related to the delisting.
  • Earlier, Binance removed 19 pairs, mostly BUSD, in line with plans to stop supporting BUSD next year.

Binance removes 12 trading pairs

The largest cryptocurrency exchange in the world – Binance – Announce They will delete dozens of liquidity pools on October 17 from Binance Liquid Swap. 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 /Bitcoin.

The company did not provide a specific reason for its move, but stated that it “periodically reviews listed liquidity pools to concentrate liquidity, reduce slippage, and provide users with better transaction rates.”

It also confirmed that affected customers will automatically receive their assets deposited into their Spot wallets on October 17.

Subsequently, the organization clarified that the removal of liquidity pools does not affect the trading of corresponding pairs on Binance Spot.

The recent wave of deletions from the cryptocurrency giant may be one of the reasons why the price of XRP continues to decline. The token fell to a monthly low of around $0.48 (per CoinGecko): a significant drop compared to the around $0.55 reached last week after Ripple won in court for the second time against the US Securities and Exchange Commission.

XRP price, source: CoinGecko

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 delete selected spot trading pairs due to multiple factors, such as poor liquidity and trading volume,” the company stated.

It is worth noting that all of these pairs are BUSD trading pairs, and the exchange has done so previously a statement It will stop supporting the stablecoin at the beginning of next year.

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