Binance Delists Multiple TrueUSD Trading Pairs: A Step Towards Enhancing Market Quality and User Protection

Binance, one of the most prominent cryptocurrency exchanges globally, has recently announced its decision to delist several TrueUSD (TUSD) trading pairs. The exchange cited reasons related to market quality and user protection as the primary motivators behind this move. In an official notice published on March 13, 2024, Binance unveiled its plans to remove the following TUSD trading pairs: COMP/TUSD, EDU/TUSD, and PENDLE/TUSD. Additionally, Binance will delist the BNB trading pairs for Arpa and EduCoin.

Official Notice from Binance

According to the notice, the delisting process will commence on March 15, 2024, at 3:00 am UTC. Binance emphasized that this decision is not uncommon, as the exchange routinely delists tokens to safeguard users’ interests and maintain a healthy trading environment. Typical reasons for delisting trading pairs involve inadequate liquidity and trading volume.

The Implications of Delisting on Users

Binance clarified that while delisting specific trading pairs, the affected tokens, including TrueUSD, will remain accessible on the exchange through alternative trading pairs. Currently, TUSD is paired with well-established cryptocurrencies such as Bitcoin (BTC), Cardano (ADA), Avalanche (AVAX), and Bitcoin Cash (bch).

Impact on Trading Bots

In conjunction with the delisting announcement, Binance also announced the termination of spot trading bot services for the affected pairs. This action will take effect at the same time as the delisting process on March 15, 2024, at 3:00 am UTC. Binance advises users to take appropriate steps, such as updating or canceling their bots, before the specified date and time to mitigate potential losses.

Recent Challenges Faced by TrueUSD

TrueUSD has encountered several obstacles since the last quarter of 2023. One significant issue arose when the stablecoin’s team revealed a potential data breach involving select KYC (Know Your Customer) and transaction history data of its users. This incident occurred due to a vulnerability in a third-party vendor.

Earlier this year, TrueUSD experienced a dip below its dollar peg following substantial sell-offs. On January 15, the token’s price plummeted to $0.984 after traders offloaded over $339 million in TUSD tokens. Rumors circulated regarding the sell-offs, suggesting that TrueUSD’s exclusion from Binance’s Manta launch pool initiative may have played a role.

Binance: Protecting User Interests and Maintaining a High-Quality Trading Market

Binance’s decision to delist several TrueUSD trading pairs underscores its dedication to upholding a top-tier trading market and shielding user interests. Although specific pairs will be removed, TrueUSD will continue to be available on the exchange through alternative trading pairs. Users are encouraged to take necessary precautions regarding trading bot services and stay informed about future developments.