Binance Makes Big Adjustment to Expand Support For XRP. Here’s What It Means For Holders

Binance, the global crypto exchange giant, is making big adjustments to its offerings. These changes involve removing the XRP/BUSD liquidity pool and expanding support for XRP, all part of a strategic shift to optimize user experiences and navigate regulatory challenges.

Binance announced this move recently in a blog post. The main reasons for removing multiple liquidity pools were to ensure an optimized trading experience, reduce slippage, and provide better transaction prices to its users.

What It Means For Users?

Binance’s first notable move is removing the XRP/BUSD liquidity pool from its Liquid Swap platform. The change will be effective from October 17, 2023, at 04:00 (UTC). What this means for users is that their assets in this pool will be returned to their spot wallets.

An important detail to highlight is that starting from October 13, 2023, users will no longer be able to add liquidity to the XRP/BUSD pool. Those who wish to redeem their assets from this pool can do so before October 17. After this deadline, deposits will be automatically redeemed to spot wallets based on the composition ratios of the pool.

In addition to the XRP/BUSD liquidity pool, Binance is also removing two other liquidity pools paired with BUSD. The pairs being removed are OP/BUSD and FTM/BUSD. This decision is part of Binance’s broader strategy to phase out support for all products connected to BUSD.

It is worth noting that this move was influenced by the New York Department of Financial Services (NYDFS) instructing stablecoin issuer Paxos to stop new BUSD minting.

Alongside these changes, Binance has also discontinued several USDT and BTC pairs, including BEL/USDT, FUN/USDT, GMT/BNB, GMT/ETH, HFT/USDT, IDEX/USDT, LEVER/USDT, and MAGIC/BTC.

Expanding Support for XRP

Amidst these shifts, Binance is expanding its support for XRP. Binance has added the XRP/FDUSD trading pair on Isolated Margin and Cross Margin products. This development comes hand in hand with the introduction of other new isolated and cross-margin pairings like BNB/FDUSD, SOL/FDUSD, WBETH/USDT, and WBETH/ETH.

These changes represent Binance’s adaptability in a rapidly changing regulatory environment and its commitment to providing a comprehensive range of trading options.

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Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.