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Binance drops PEPE Coin, BTC and 37 other liquidity pools

Tue 29 Aug 2023 ▪ 4 min of reading ▪ by Luc Jose A.
▪ Centralized Exchange (CEX)

Do you have liquidity on Binance Liquidity Swap? Binance has just decided to remove a total of 39 liquidity pairs from its Binance Liquidity Swap platform. The list includes PEPE Coin pairs, despite the crypto’s astronomical price growth in 2023. Back to the specifics of this decision.

Binance logo

In brief:

  • Binance is withdrawing 39 pairs from its Liquidity Swap, including PEPE Coin and BTC.
  • The measure takes effect on September 1.
  • The assets will be returned to their owners.

39 crypto trading pairs removed from Binance Liquidity Swap

In an official announcement published this Monday, August 28, the CZ exchange announced the imminent removal of a set of liquidity pools, namely 13 BNB pairs, 7 BTC pairs, 1 ETH pair, 9 USDT pairs, 2 BUSD pairs and 1 TUSD pair.

Binance notes that the measure will take effect from September 1 at 4:00 am (GMT). In the meantime, users will no longer be able to add liquidity to these pools. The exchange reassures that the removal of listed liquidity pools will not affect trading of the corresponding pairs on Binance Spot.

The platform has also informed users still holding positions in these pools that the assets will be sent to them in their spot portfolios on September 1.

Binance drops 39 liquidity pools

Crypto PEPE Coin removed from Binance Liquidity Swap after 2,200% surge

The list of cryptos affected by Binance’s decision includes Bitcoin (BTC), Cardano (ADA), Polygon (MATIC), de Tron (TRX), Polkadot (DOT), Avalanche (AVAX), Filecoin (FIL) and Pepe Coin (PEPE).

For the record, PEPE was one of the most profitable tokens of 2023. After its launch in April, it had achieved extraordinary growth of 2,200% in just three weeks, earning it a listing on renowned exchanges such as Binance and BitMex. Unfortunately, since then, the price of PEPE Coin has plummeted by over 80%.

A decision taken to improve the crypto trading experience according to Binance

Binance’s decision to clean up its Binance Liquidity Swap is explained by the impact of the recent legal battles waged by the SEC and CFTC against Binance in the USA. Since the beginning of these lawsuits, trading volume and pool liquidity have been considerably reduced.

In its official announcement, Binance states “the exercise follows a periodic review that enables Binance to concentrate liquidity for its users and ensures an optimized trading experience, price, and slippage.”

The exchange also announced its intention to modify its no-fee trading offer for the spot and margin trading pair BTC/TUSD. It is hoped that this decision will not trigger another episode of massive selling.

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Luc Jose A. avatar
Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.