Binance Set to Delist Several TrueUSD Trading Pairs Amidst Cryptocurrency Challenges
Summary:
Binance is set to delist several trading pairs linked to stablecoin TrueUSD (TUSD), including COMP/TUSD, EDU/TUSD, and PENDLE/TUSD, along with BNB pairings for Arpa and EduCoin. All pairings will be delisted on March 15, 2024, at 03:00 UTC. However, this does not mean a complete removal of TUSD from the exchange. The TUSD stablecoin sees challenges as a considerable amount was exchanged for Tether, causing the price to drop below its dollar peg earlier this year. Furthermore, Binance plans to terminate spot trading bot services for these same pairs.
Binance, the popular cryptocurrency exchange, is set to delist a number of trading pairs linked to Tron founder Justin Sun's stablecoin, TrueUSD (TUSD). This was divulged in a bulletin published by Binance on March 13, indicating the planned removal of several TUSD pairings including COMP/TUSD, EDU/TUSD, and PENDLE/TUSD. In addition, BNB pairings for Arpa and EduCoin will also be delisted from the platform. These pairings will be dropped on March 15, 2024, at 03:00 UTC. Binance clarified that it routinely delists tokens to secure its user base and sustain a high-demand trading market, particularly when specific pairings suffer from low liquidity or trading volume. Despite the delisting, Binance was quick to assure users that this does not equate to a full removal of the asset from the platform. "The delisting of a spot trading pair does not impinge on the token's availability on Binance Spot. Users can still engage in spot trading on available pairs on Binance," the exchange stated. Therefore, TUSD will still be accessible for trading on other pairings. At present, TUSD is tied with significant cryptocurrencies such as Bitcoin (BTC), Cardano (ADA), Avalanche (AVAX), and Bitcoin Cash (BCH) on Binance. Alongside the pair removals, Binance also reported the planned cessation of spot trading bot services for the same pairings at the identical date and time, urging users to modify or cancel their trading bots to prevent potential financial loss. The stablecoin TUSD faced numerous challenges in 2023's fourth quarter. On Oct. 17, a potential leak of specific user KYC data and transaction histories was announced by the TUSD team following a third-party vendor security breach. Furthermore, the stablecoin's dollar peg value dropped earlier this year due to users exchanging hundreds of millions of TUSD for Tether (USDT). On Jan. 15, the value dipped to $0.984 after trades involving more than $339 million worth of TUSD tokens were completed. Some users have speculated that this sell-off might be linked to TUSD not being included in Binance's Manta launch pool initiative.
Published At
3/13/2024 2:12:08 PM
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