cryptonews.com
Binance, the world’s largest cryptocurrency exchange, has announced its plan to delist multiple TrueUSD spot trading pairs as well as a couple of BNB pairs, its native currency.
The notice published on Wednesday, March 13, revealed that Binance will remove TrueUSD and BNB pairs that will include PENDLE/TUSD, COMP/TUSD, and EDU/TUSD.
Additionally, the BNB duo of ARPA/BNB and EDU/BNB spot trading pairs will be removed. This decision will take effect by Friday, March 15, 2024 at 3:00 am UTC.
Other TUSD Trading Pairs Still available on Binance
According to the announcement, Binance cited concerns like poor liquidity and high trading volume as some of the reasons behind this move.
The exchange extolled to Binancians the importance of trading integrity on its platform, which necessitates periodic reviews of listed pairs like TrueUSD.
More importantly, it clarified that delisting TrueUSD and BNB trading pairs does not mean the assets will be completely removed from Binance. This implies that users will still have access to trade other TrueUSD and BNB pairs like USDT, Bitcoin, BNB, etc.
Aside from delisting the said TruesUSD pairs, Binance urged users to deactivate their trading bots associated with the affected pairs. This is to ensure they don’t incur losses on their trades or have funds locked up unavoidably.
“Binance will terminate Spot Trading Bots services for the aforementioned spot trading pairs at 2024-03-15 03:00 (UTC) where applicable. Users are strongly advised to update and/or cancel their Spot Trading Bots prior to the cessation of Spot Trading Bots services to avoid any potential losses,” wrote the company.
TrueUSD ‘s Recent Issues
The TUSD stablecoin has faced several issues since late 2023, including a data breach incident and temporary de-pegging from the US dollar earlier this year after a sell-off by holders.
This development followed TUSD’s deviation from its peg to the US dollar earlier this year.
As previous reports suggested, an imbalance in TUSD trading on Binance was observed on January 15, 2024, with sell orders surpassing buy orders by over $142 million.
The trading disparity led the TUSD’s value to fall to as low as $0.984. A 24-hour trading window saw TUSD sell orders reaching about $339.2 million, which surpassed the buy orders of $296.8 million.
The TrueUSD’s operations were further scrutinized on January 10, and issues concerning the real-time backing of its reserves were reported.
This prompted speculation about the stablecoin’s integrity, as failures in its API were noted showing the absence of a US dollar valuation for its collateral assets.
However, the TrueUSD team attributed the de-pegging event to arbitrage opportunities arising from mining activities on Binance Launchpool.
The team insisted that solutions would be put in place like collaborating with global banks to accommodate large and continual transactions.
Cases of delisting on Binance have surfaced in the past, and recently the exchange removed NGN trading pairs before finally discontinuing every Nigerian Naira Services on March 5.