Binance, World’s Largest Cryptocurrency Exchange, Announces Removal of XRP and More”
Binance, the largest cryptocurrency exchange globally, has unveiled plans to remove several products, including XRP, as part of a periodic review conducted by Binance Liquid Swap.
The review aims to concentrate liquidity pools, minimize slippage, and bolster transactional prices.
Scheduled for December 22, this move will involve the removal of various liquidity pairs, such as ADA/ETH, ADA/USDT, XRP/BNB, XRP/BTC, XRP/ETH, among others. Binance Liquid Swap seeks to streamline its offerings, ensuring an optimized trading environment for its users.
However, this decision comes amid heightened regulatory scrutiny directed at Binance, notably from the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC).
Binance has been under investigation throughout the year, culminating in a recent settlement with the DOJ, involving a substantial $4.3 billion fine, executive departures, and comprehensive compliance changes.
The DOJ has outlined stringent monitoring operations for Binance, mandating access to all requisite information and documents, monitoring anti-money laundering (AML) activities, and overseeing asset movement.
Former SEC officials suggest that these measures could potentially lead to the exchange’s closure.
READ MORE XRP Surpasses Binance Coin in Market Cap, Signaling Unique Position in the Crypto Market
Despite the settlement with the DOJ, regulatory challenges persist for Binance. Recent statements from SEC executives indicate that the lawsuit filed by the SEC against Binance will continue independently, prolonging the uncertainties surrounding the exchange’s future.
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