Binance continues to dent BUSD market cap as it ends related products & services

On Friday, the leading cryptocurrency exchange Binance confirmed plans to remove more liquidity pools on its Liquid Swap. The trading firm will remove BUSD pairs, including Bitcoin, Cardano, and Solana, on October 27, 2023 at 04:00 (UTC).

Binance announced on its official site on the 20th that it would remove 17 liquidity pools, including BTC/BUSD, from its affiliated liquidity mining pools from 13:00 on October 27, Korean time. The liquidity pools subject to deletion are ADA/BUSD, BNB/BUSD, BTC/BUSD, BUSD/DAI,…

— BitcoinWorld Media (@ItsBitcoinWorld) October 20, 2023

According to the announcement, individuals holding positions in the mentioned liquidity pools “will automatically receive their deposited assets in their Spot wallets at 2023-10-27 04:20 (UTC).”

Meanwhile, Binance’s latest move continues to hurt BUSD support. CZ’s company has been terminating Binance USD-related services and products lately. That has seen the stablecoin’s market cap falling from $22.50 billion to $2 billion in 2023.

Binance continues to delist Binance USD pairs as it reviews its liquidity pools. The exchange removed assets such as FTM/BUSD, OP/BUSD, and MANA/BUSD last week.

The crypto exchange reviews its liquidity pools periodically to reduce slippage, offer the best transaction fees, and concentrate liquidity.

Binance continues to build

While the exchange has struggled with global regulations lately, it has remained committed to enhancing its services. On October 19, Binance revealed new collaborations to enhance Euro transactions for its European customers.