Binance has recently announced that it will be discontinuing 39 liquidity mining pools this week. The decision was made after a thorough assessment, which deemed these pools to have failed to meet the required standards. As a result, these 39 liquidity pools will cease to operate from September 1, 2023.
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Binance to Stop 39 Liquidity Mining Pools This Week
Binance Liquid Swap has announced that it will periodically review its listed liquidity pools to ensure an optimized trading experience, price, and slippage for its users. As a result of the most recent review, 39 liquidity pools will cease operation on Friday. Please see the list below for the affected pools. Binance to Stop 39 Liquidity Mining Pools This Week
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.
Starting today, adding liquidity to certain liquidity pools is no longer possible. However, these pools will remain accessible to ensure a seamless trading experience for users. Users can still redeem and withdraw their assets from the respective pairs on Binance Spot until September 1, 2023. Deposits in the liquidity pool will be calculated based on the current composition of the pool and will be automatically converted to the user's Spot wallet. Removing these liquidity pools will not affect trading for other respective pairs on Binance Spot, and users can still trade on other available liquidity pools on Binance Liquid Swap. This is the second time Binance has eliminated liquidity pools this month, with 38 pools being removed on August 18, 2023.
Multiple Charges Hinder Binance’s Business
Binance, a crypto exchange, is currently facing regulatory pressures that are affecting its business. Visa and Mastercard have been slowly cutting ties with Binance due to multiple regulatory actions from the US Securities and Exchange Commission (SEC) against the exchange. One of the allegations against Binance is that it has been operating under an unregistered business and misled investors about the company's risk. Additionally, the US Commodity Futures Trading Commission (CFTC) has brought multiple charges against the exchange for what it calls a "willful evasion" of US law. Binance is also facing allegations that the US Department of Justice is looking into the exchange and considering charging them for fraudulent activities. On August 23, 2023, Binance announced on X (formerly Twitter) that the Binance Card will no longer be available to users in Latin America and the Middle East.
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