Binance has one of the largest liquidity swaps in the world. However, the crypto exchange recently made an announcement about removing various cryptocurrencies, including MATIC, ADA, and PEPE, from their liquidity pools. According to Binance, they periodically review the cryptocurrencies present in their liquidity pools, and they found some that no longer fit into their plans. As a result, they made the decision to remove them from their liquidity pools. While a significant number of cryptocurrencies were removed, certain ones like Pepe and ADA stood out.
"At Binance Liquid Swap, we periodically review listed liquidity pools to concentrate liquidity for our users and ensure optimized trading experience, price and slippage. Based on our most recent reviews, Binance Liquid Swap will remove the following liquidity pools at 2023-09-01 04:00 (UTC)," Binance said.
A large number of cryptocurrencies will be removed from this liquidity swap. According to Binance, "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, and ZEN/USDT are among the cryptocurrencies to be removed.
Furthermore, Binance calls on its users holding positions with the above-listed cryptocurrencies to remove them. However, the crypto exchange says the tokens will be automatically returned to the user's spot wallet at 2023-09-01 04:00 (UTC).
More Details About the New Development
Besides listing the affected cryptocurrencies, Binance provided more details about what will happen with the new decision. First, the crypto exchange says the reign of Pepe on Binance and any other cryptocurrency is over. Apart from removing liquidity pools, users can still trade the corresponding pairs on Binance Spot. Furthermore, the delisting doesn't mean that liquidity pools have ended on Binance. Users can still put their assets in any other liquidity pool besides Binance. Note that the liquidity pools one can still trade on are those existing on Binance Liquid Swap.
"Users can choose to redeem their assets from the above liquidity pools before 2023-09-01 04:00 (UTC). Thereafter, deposits in the liquidity pools will be calculated based on the prevailing composition ratios of the corresponding pool and automatically redeemed to users’ Spot wallets," Binance added.
Pepe Delisted After a Wild Run
Pepe on Binance had one of the wildest runs of any cryptocurrency since the bear market began. This meme coin forced even the most seasoned crypto trader to start catching FOMO feelings. Despite launching in April 2023, Pepe earned the listing of top crypto exchanges such as Binance and Bitmex due to how profitable it was then. According to data from TradingView, Pepe gained over 2,200% in less than three weeks.
Unfortunately, despite previous gains, the meme coin has been greatly impacted by the current bear market. It has already experienced a decline of over 30% in the last month, and there are indications that this may continue to worsen.