You are here: Home/ News/ Stablecoin Shuffle: Binance Launches Exciting Trading Pairs, Suspends USDC-BUSD Swap
Binance, the world’s largest crypto exchange, has announced the launch of several new stablecoin trading pairs. In a blog post, Binance said that it would open trading today for “the BNB/TUSD, BTC/TUSD, ETH/TUSD, TUSD/USDT, USDC/USDT, and USDP/USDT spot trading pairs.”
The company also stated that it has stopped or will stop BUSD auto-conversion for users’ new deposits of USDC, USDP, and TUSD, respectively. Furthermore, users can no longer withdraw USDC, USDP, or TUSD from their BUSD balances.
To facilitate the transition, Binance has offered a manual conversion option for users who wish to convert their BUSD balances to USDC, USDP, or TUSD at 1:1. The company has also launched two promotional activities for selected spot trading pairs.
According to the blog post, Promotion A is offering zero fees for both makers and takers on the BTC/TUSD spot trading pair and zero fees for makers on the BNB/TUSD and ETH/TUSD spot trading pairs. Promotion B is offering zero trading fees on the TUSD/USDT, USDC/USDT, and USDP/USDT spot trading pairs.
Both promotions are open-ended, but Binance reserves the right to disqualify trades that appear to be wash trades or involve illegally bulk registered accounts or those that seem to involve self-dealing or market manipulation.
The blog post also stated that the exchange would measure all trading volume and metrics related to the program at its own discretion. If applicable, the calculation of maker fee and taker fee rebates will be resumed at the end of the promotions, subject to further updates.
Binance Suspends USDC To BUSD Auto-Conversion
This news comes shortly after Binance announced the temporary suspension of the auto-conversion of USDC to BUSD due to current market conditions. The decision was made in response to high inflows and the increasing burden to support the conversion.
According to a statement released by the company, this is a normal risk-management procedure as they continue to monitor the situation. Following the announcement, one community member praised Binance’s decision, saying it is a wise move to prevent potential market disruptions.
The Binance exchange has announced the suspension of $USDC to $BUSD conversion due to market conditions. This is a wise move as accounts holding large amounts of $USDC can buy a lot of $BUSD and then disrupt the order book with market sell orders using their accumulated $BUSD. In… https://t.co/CL4UjQb3MG
— Mika (@TraderMikabot) March 11, 2023
The suspension is necessary as accounts holding large amounts of USDC can buy a lot of BUSD and then disrupt the order book with market sell orders using their accumulated BUSD.
Related Reading |KuCoin Caught In Legal Crosshairs: New York Attorney General Takes On
Note: This article have been indexed to our site. We do not claim legitimacy, ownership or copyright of any of the content above. To see the article at original source Click Here
[2024 Upgrade] Nmoiss Windshield Sun Shade Umbrella for Car - [Newest Vinyl Coating] Protect Car from Sun Rays & Heat Damage…
$39.99 (as of May 11, 2024 20:29 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Apple AirTag 4 Pack
$72.68 (as of May 12, 2024 20:31 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Amazon Fire 7 Kids tablet, ages 3-7. Top-selling 7" kids tablet on Amazon - 2022 | ad-free content with parental controls included, 10-hr battery, 16 GB, Blue
$69.99 (as of May 12, 2024 20:31 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
NEXPOW G17 S40 Jump Starter, 4000A Peak Car Battery Jump Starter PD60W Quick Charge (All Gas Up to 10.0L Diesel Engine),…
$99.99 (as of May 11, 2024 20:29 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
