Binance Will Halt These 39 Liquidity Mining Pools This Week
28 August 2023 - 9:00PM
NEWSBTC
On Sunday, Binance announced that it will halt 39 liquidity mining
pools this week following the latest assessment. As a result of a
supposed failure to pass this assessment, these 39 liquidity pools
are expected to stop operating on September 1, 2023. Liquidity
Pools Stopped By Binance This decision was made due to the
platform’s recent liquidity mining performance. The announcement
said Binance Liquid Swap will “periodically review listed liquidity
pools to concentrate liquidity for our users and ensure optimized
trading experience, price and slippage.” Related Reading:
Friend.tech Activity Crashes 94%, Is This The End? As a result of
the most recent review, the 39 liquidity pools listed below are
expected to cease operation on Friday: ADA/BNB, ALICE/BTC,
APE/BTC, AVA/USDT, AVAX/BNB, BTC/TUSD, CHZ /BNB, CHZ/BTC, CTSI/BNB,
DOT/BUSD, ENJ/USDT, FIL/BNB, FRONT/BUSD, GALA/BNB, ICP/BNB, ID
/BTC, KDA/USDT, LIT/USDT, MATIC/BNB, NEO/BNB, PAXG/USDT, PEPE/USDT,
SANTOS/USDT, SUSHI/BNB, SUSHI/BTC, SXP/BNB, SXP/BTC, THETA/BNB,
THETA/BTC, TKO/USDT, TLM/USDT, TRX /BNB, TRX/ETH, WBTC/ETH,
XMR/ETH, XMR/USDT, XVS/BTC, XVS/USDT, ZEN/USDT. For now, users will
not be able to add liquidity to these liquidity pools from today.
However, the liquidity of the liquidity pools listed above will
still remain accessible to ensure that users are provided with a
trading experience. Users will also still be able to redeem
and withdraw their assets from the respective pairs on Binance Spot
before the closing date on September 1, 2023. User deposits in the
liquidity pool will be calculated following the current composition
of the respective pool and then it will be converted to the user’s
Spot wallet automatically. According to the announcement, the
removal of the liquidity pools listed above will not hinder other
trading respective pairs on Binance Spot and users will still be
able to trade on other liquidity pools that are currently available
on Binance Liquid Swap. This marks the second time Binance has
eliminated liquidity pools this month. On August 9, 2023, Binance
also announced that the exchange would stop about 38 liquidity
pools on August 18, 2023. BNB price remains above $215 support |
Source: BNBUSD on Tradingview.com Multiple Charges Hinder
Binance’s Business Amid these developments, the Binance crypto
exchange continues to deal with regulatory pressures that seem to
be affecting its business. Firstly, Visa and Mastercard are slowly
cutting their ties with Balance due to the multiple regulatory
actions from the US Securities and Exchange Commission (SEC)
against the exchange. One of the allegations brought against
Binance is that the exchange has been operating under an
unregistered business and misled investors about the company’s
risk. Related Reading: Shibarium Launch Proves Positive As Shiba
Inu-Based BONE Celebrates New Milestone Also, the US Commodity
Futures Trading Commission (CFTC) in May brought multiple charges
against the exchange for what it calls a “willful evasion” of US
law. Among the hurdles the exchange is also facing include
allegations that the US Department of Justice is looking into the
exchange and is considering charging Binance for fraudulent
activities. On August 23, 2023, Binance announced on X (formerly
Twitter), that the exchange’s card known as the Binance Card
will no longer be available to users in Latin America and the
Middle East. Featured image from The Information, chart from
Tradingview.com
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