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 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.
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