May 29, 2024
Binance Initiates Reimbursements and Removes AEUR Stablecoin
Latest Cryptocurrency News

Binance Compensates Users Over AEUR Surge, Halts Trading & Delists Stablecoin

Binance, the cryptocurrency exchange, has taken steps to reimburse users and remove the Anchored Coins Euro (AEUR) stablecoin from its listings. The decision came after the token’s value surged over 200% following its listing. As per the announcement made on December 6, Binance will offer compensation to users who bought AEUR at an inflated price and were unable to sell it when trading was halted earlier. Those affected will receive a refund equivalent to a portion of the premium above the 1 AEUR = 1.08 Tether peg.

In their statement, the exchange mentioned: “Following AEUR’s introduction, it garnered significant attention from the community. However, some purchasers were unaware of AEUR’s stable nature at the time of acquisition. This led to a temporary surge in demand, causing price disparities.”

The substantial price fluctuations impacted the valuation of several AEUR trading pairs, including Bitcoin, Ether, and the euro, all falling under the compensation scheme outlined by the exchange. Binance stated that to prevent potential losses for other traders, the resumption of trading for the aforementioned AEUR pairs will be announced separately. Currently, the coin remains suspended from trading on the platform.

AEUR is issued by Anchored Coins, a fintech company based in Zug, Switzerland. It operates under the oversight of the Verein zur Qualitätssicherung von Finanzdienstleistungen (VQF), a self-regulatory organization in Switzerland endorsed by the Swiss Financial Market Supervisory Authority (FINMA). This endorsement obliges the firm to comply with anti-money laundering regulations.

Anchored Coins asserts that each AEUR is backed 1:1 with reserves held exclusively in Swiss FINMA-licensed banks. Currently, the company’s stablecoins are generated on both the Ethereum and BNB Smart Chain platforms.

Image by pixabay

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