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Binance suspends AEUR after 200% surge Binance, a leading cryptocurrency exchange, has taken the unprecedented step of refunding users affected by a sharp rise in the value of the euro stablecoin (AEUR) that caused it to be delisted from the platform. . The decision was made after AEUR saw a staggering 200% price increase following its listing. In this Pooyan Music post, we will talk about removing AEUR from Binance exchange.
In an official announcement on December 6, Binance announced its commitment to compensate users who inadvertently bought AEUR at an inflated price and were unable to sell it after trading was suddenly halted. Affected users will receive a refund representing a portion of the additional premium above the fixed peg of 1 AEUR = 1.08 Tether (USDT), where AEUR is worth $1.00.
The exchange cited an unexpected surge in prices, citing a rapid increase in demand by users who apparently mistook the nature of the AEUR as a stable currency when buying. This increased demand led to significant price deviations in a short period of time and caused significant volatility not only for the AEUR, but also for the pricing of related trading pairs including Bitcoin (BTC), Ether (ETH) and the Euro. Affected.
To prevent further losses for investors, Binance has suspended trading of AEUR and related pairs including BTC, ETH and EUR. The exchange assured users that it will notify them separately of the resumption of trading of these pairs.
Managed by Anchored Coins, AEUR operates under the supervision of the Swiss self-regulatory organization, VQF, under the auspices of the Swiss Financial Market Supervisory Authority (FINMA). Stablecoin claims that its 1:1 reserve backing is held exclusively in FINMA-licensed Swiss banks.
Anchored Coins, which is headquartered in Zug, Switzerland, also stated that its stablecoins are currently minted on the Ethereum and Binance smart chains.
Binance confirmed its commitment to help the AEUR project team provide adequate compensation to affected users within a 72-hour timeframe, demonstrating the exchange’s proactive approach to addressing this unpredictable and chaotic market anomaly.
