Binance has announced its plan to delist multiple TrueUSD spot trading pairs as well as a couple of BNB pairs, its native currency. The notice, published on Wednesday, March 13, revealed that Binance will remove multiple TrueUSD and BNB pairs from its platform.
Some trading pairs to be delisted include PENDLE/TUSD, COMP/TUSD, and EDU/TUSD. The BNB duo of ARPA/BNB and EDU/BNB spot trading pairs will also be removed. This decision will take effect by Friday, March 15th, 2024, at 3:00 am UTC.
Other TUSD trading pairs will still be available on Binance
In the announcement, Binance cited concerns like poor liquidity and high trading volume as some of the reasons behind this move.
The exchange assured Binancians the importance of trading integrity on its platform, which necessitates periodic reviews of listed pairs like that of the TrueUSD.
It however, clarified that delisting TrueUSD and BNB trading pairs does not mean the assets will be completely removed from Binance. This implies that users will still have access to trade other TrueUSD and BNB pairs like USDT, Bitcoin, BNB, and many others.
Aside from delisting the TruesUSD pairs, Binance urged users to deactivate their trading bots associated with the affected pairs. This is to ensure they don’t incur losses on their trades or have funds locked up unavoidably.
“Binance will terminate Spot Trading Bots services for the aforementioned spot trading pairs at 2024-03-15 03:00 (UTC) where applicable. Users are strongly advised to update and/or cancel their Spot Trading Bots prior to the cessation of Spot Trading Bots services to avoid any potential losses,” according to Binance.
TrueUSD ‘s Recent Issues
The TUSD stablecoin has faced several issues since late 2023, including a data breach incident and temporary de-pegging from the US dollar earlier this year after some sell-off by holders.
This development followed TUSD’s deviation from its peg to the US dollar earlier this year.
As previous reports suggested, an imbalance in TUSD trading on Binance was observed on Jan. 15, 2024, with sell orders surpassing buy orders by over $142 million.
The trading disparity led the TUSD’s value to fall to as low as $0.984. A 24-hour trading window where TUSD sell orders resulted in about $339.2 million which surpassed the buy orders of $296.8 million.
The TrueUSD’s operations were further scrutinized on Jan. 10, and issues concerning the real-time backing of its reserves were reported.
This prompted speculation about the stablecoin’s integrity, as failures in its API showed the absence of a US dollar valuation for its collateral assets.
However, the TrueUSD team attributed the de-pegging event to arbitrage opportunities arising from mining activities on Binance Launchpool.
The team assured that solutions will be put in place like collaborating with global banks to accommodate large and continual transactions.
Cases of delisting on Binance have surfaced in the past, and recently, the exchange removed NGN trading pairs before finally discontinuing every Nigerian Naira Services on March 5.
Binance continues to protect its users from potential losses as it battles multiple regulatory and compliance issues.
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