Binance Removes Multiple TrueUSD Trading Pairs
Binance, the world’s largest cryptocurrency exchange, has announced its decision to delist several TrueUSD spot trading pairs and a few BNB pairs. The delisting will take effect on March 15, 2024.
Delisted Trading Pairs
Reasons Behind the Delisting
Binance cited poor liquidity and high trading volume as the main reasons for delisting these trading pairs. The exchange emphasized the importance of trading integrity and periodic reviews of listed pairs.
TUSD and BNB Still Available for Trading
Although the delisted trading pairs will no longer be available, users can still trade other TrueUSD and BNB pairs such as USDT, Bitcoin, and BNB.
Action Required for Users with Trading Bots
Binance advised users with trading bots associated with the affected pairs to deactivate them. This is to prevent any potential losses or locked funds due to the delisting.
Recent Issues with TrueUSD
TrueUSD has faced several issues in recent months, including a data breach incident and temporary de-pegging from the US dollar. These issues have raised concerns about the stability and integrity of the stablecoin.
Deviation from Pegging to USD
In early 2024, TrueUSD experienced a deviation from its peg to the US dollar. Sell orders exceeded buy orders by over $142 million, causing the value of TrueUSD to fall to as low as $0.984.
Issues with Real-Time Backing of Reserves
Concerns were raised about the real-time backing of TrueUSD’s reserves, as failures in its API showed the absence of a US dollar valuation for its collateral assets.
Solutions and Future Plans
The TrueUSD team has stated that they are working on solutions to address these issues. They plan to collaborate with global banks to ensure the accommodation of large and continuous transactions.
Past Delistings on Binance
Binance has delisted trading pairs in the past, such as the recent removal of NGN trading pairs. The exchange discontinued all Nigerian Naira services on March 5.
Hot Take: Binance Takes Action Against TrueUSD Trading Pairs
In a move to maintain trading integrity, Binance has decided to delist multiple TrueUSD spot trading pairs. This decision comes after concerns about poor liquidity and high trading volume. While this may raise questions about the stability of TrueUSD, users can still trade other TrueUSD and BNB pairs on the platform. It is important for users with trading bots associated with the delisted pairs to deactivate them to avoid any potential losses. This delisting is part of Binance’s periodic review process for listed pairs, ensuring a reliable and secure trading environment for its users.
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