cryptopolitan.com
Binance, one of the world’s leading cryptocurrency exchanges, has unveiled plans to delist multiple TrueUSD (TUSD) trading pairs, citing reasons related to market quality and user protection.
Delisting announcement
In an official notice released on March 13, 2024, Binance disclosed its decision to remove several TUSD trading pairs from its platform. The affected pairs include COMP/TUSD, EDU/TUSD, and PENDLE/TUSD. The exchange will also delist BNB trading pairs for Arpa and EduCoin. The delisting process is scheduled for March 15, 2024, at 3:00 am UTC.
Binance clarified that periodic delisting of tokens is conducted to safeguard users’ interests and maintain a robust trading environment. Factors leading to the delisting of trading pairs typically include inadequate liquidity and trading volume. However, the exchange emphasized that delisting trading pairs does not mean removing the asset entirely from Binance.
Despite delisting specific trading pairs, Binance reassured users that the affected tokens, including the stablecoin TrueUSD, will remain available on the exchange through other trading pairs. Currently, TUSD is paired with prominent cryptocurrencies such as Bitcoin, Cardano, Avalanche, and Bitcoin Cash on Binance.
Impact on trading bots
In addition to delisting trading pairs, Binance announced the termination of spot trading bot services for the affected pairs, effective simultaneously on March 15, 2024, at 3:00 am UTC. To mitigate potential losses, the exchange advised users to take necessary actions, such as updating or canceling their bots, before the specified date and time.
TrueUSD has encountered several challenges since the fourth quarter of 2023. Notably, on October 17, the stablecoin’s team disclosed a potential data breach involving certain Know Your Customer (KYC) and transaction history data of its users, stemming from a breach by a third-party vendor.
Earlier this year, TrueUSD witnessed a decline below its dollar peg following substantial sell-offs. On January 15, the token’s price dropped to $0.984 after traders offloaded over $339 million in TUSD tokens. Speculations arose regarding the sell-offs concerning TrueUSD’s exclusion from the exchange’s Manta launch pool initiative.
Binance’s decision to delist several TrueUSD trading pairs reflects its commitment to maintaining a high-quality trading market and protecting user interests. Despite removing specific pairs, TrueUSD will remain available on the exchange through alternative trading pairs. Users should take necessary precautions regarding trading bot services and stay updated on further developments.