Binance has implemented a compensation plan for some of its users in collaboration with the AEUR project team. This followed a decision by
the crypto exchange to suspend spot trading for AEUR pairs like AEUR/USDT,
BTC/AEUR, ETH/AEUR, and EUR/AEUR. The suspension occurred after a substantial surge
in demand for the token resulted in a price deviation.
Binance detected this deviation on December 5,
prompting the immediate suspension of AEUR spot trading pairs. This decision
was made to safeguard users who purchased AEUR during the specified period and
were unable to sell it before the deviation occurred, Binance mentioned in a statement published on its website.
The compensation amount will be
determined by the net amount of AEUR purchased by users during the time when the token was under suspension,
the difference between the average AEUR purchasing price, and a reference
price of 1.07999 USDT.
Eligible users will receive compensation in the form
of USDT token vouchers, which must be claimed before their expiration within 30
calendar days after distribution. The process for redeeming these vouchers can
be accessed through the user profile section on Binance.
In an effort to address payment limitations in
Europe, Binance announced new partnerships with regulated fiat providers to
restore EUR services. However, recent developments, including the termination
of the Paysafe partnership, led Binance to advise users to convert EUR to
USDT.
Following Paysafe’s decision to halt
processing euro deposits for Binance’s users, the exchange advised traders to convert their euros to USDT. Paysafe’s termination disrupted EUR-related
services and trading pairs on Binance, necessitating this advisory to prevent any interruption of services.
Binance’s Response to Stablecoin Regulations
In September, Binance raised concern over the potential mass delisting of stablecoins in Europe following the Market in Crypto Asset regulation. Marina Parthuisot from Binance France highlighted the issue during an EBA-hosted online public hearing, forecasting a situation where all stablecoins could face delisting by June 2024.
However, Binance’s Former CEO, Changpeng Zhao, refuted the claims suggesting Binance’s intent to delist stablecoins. He
emphasized that the intention of the exchange was misinterpreted. Zhao said Binance was actively pursuing partnerships to introduce compliant EUR and other
stablecoins.
Stablecoins, unlike volatile cryptocurrencies like
Bitcoin or Ethereum, maintain a stable value by pegging it to external assets
like fiat currency or commodities. Their purpose is to mitigate price
volatility in the digital currency space, ensuring stability for users.
Binance has implemented a compensation plan for some of its users in collaboration with the AEUR project team. This followed a decision by
the crypto exchange to suspend spot trading for AEUR pairs like AEUR/USDT,
BTC/AEUR, ETH/AEUR, and EUR/AEUR. The suspension occurred after a substantial surge
in demand for the token resulted in a price deviation.
Binance detected this deviation on December 5,
prompting the immediate suspension of AEUR spot trading pairs. This decision
was made to safeguard users who purchased AEUR during the specified period and
were unable to sell it before the deviation occurred, Binance mentioned in a statement published on its website.
The compensation amount will be
determined by the net amount of AEUR purchased by users during the time when the token was under suspension,
the difference between the average AEUR purchasing price, and a reference
price of 1.07999 USDT.
Eligible users will receive compensation in the form
of USDT token vouchers, which must be claimed before their expiration within 30
calendar days after distribution. The process for redeeming these vouchers can
be accessed through the user profile section on Binance.
In an effort to address payment limitations in
Europe, Binance announced new partnerships with regulated fiat providers to
restore EUR services. However, recent developments, including the termination
of the Paysafe partnership, led Binance to advise users to convert EUR to
USDT.
Following Paysafe’s decision to halt
processing euro deposits for Binance’s users, the exchange advised traders to convert their euros to USDT. Paysafe’s termination disrupted EUR-related
services and trading pairs on Binance, necessitating this advisory to prevent any interruption of services.
Binance’s Response to Stablecoin Regulations
In September, Binance raised concern over the potential mass delisting of stablecoins in Europe following the Market in Crypto Asset regulation. Marina Parthuisot from Binance France highlighted the issue during an EBA-hosted online public hearing, forecasting a situation where all stablecoins could face delisting by June 2024.
However, Binance’s Former CEO, Changpeng Zhao, refuted the claims suggesting Binance’s intent to delist stablecoins. He
emphasized that the intention of the exchange was misinterpreted. Zhao said Binance was actively pursuing partnerships to introduce compliant EUR and other
stablecoins.
Stablecoins, unlike volatile cryptocurrencies like
Bitcoin or Ethereum, maintain a stable value by pegging it to external assets
like fiat currency or commodities. Their purpose is to mitigate price
volatility in the digital currency space, ensuring stability for users.
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- Source: https://www.financemagnates.com//cryptocurrency/binance-to-compensate-users-affected-by-aeur-spot-trading-pairs-suspension/
