You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
$ 30,725

Binance Announces Compensation For Traders Who Bought AEUR Stablecoin During 200% Surge

Binance has announced plans to compensate users who purchased the Euro-pegged AEUR stablecoin during a recent surge of nearly 200%. The compensation initiative comes in response to a misunderstanding among certain Binance traders who failed to recognize the stablecoin nature of AEUR.

The AEUR stablecoin, issued by Swiss-based Anchored Coins, witnessed a sudden surge in price, exceeding $3, which was nearly 200% higher than its expected value of around $1.07. This surge occurred shortly after the stablecoin’s listing on the spot market.

To address the abnormal volatility and ensure market stability, Binance promptly halted trading for four trading pairs involving AEUR, including AEUR/USDT, BTC/AEUR, ETH/AEUR, and EUR/AEUR. The compensation plan aims to address the impact on users who purchased AEUR during this period of rapid price increase.

Binance has acknowledged the strong demand for AEUR within the community, particularly from users who may not have fully realized its status as a stablecoin. This high demand led to a significant deviation in the price of AEUR.

To address the situation, Binance outlined a compensation plan for eligible traders who purchased AEUR between 17:41 UTC and 18:31 UTC on December 5 and were unable to sell during the trading suspension. The compensation will be based on the net AEUR purchase amount during this period, calculated using the AEUR price on Binance Spot at 17:41 UTC (i.e., 1.07999 USDT per AEUR).

The compensation, provided in the form of USDT token vouchers, is scheduled to be distributed to eligible users impacted by the trading suspension by December 9. These vouchers will be valid for 30 days from the date of distribution.

AEUR initially had a supply of five million coins on Binance, and the exchange also launched an initial incentive program for trading the new stablecoin, featuring a zero-fee promotion.

Anchored Coins, the issuer of AEUR, issued a caution to the community about potential scams. In a LinkedIn post on December 5, Anchored Coins reported instances of fraudulent social media accounts posing as them. These impostors were soliciting users to disclose their personal wallet addresses. Anchored Coins emphasized that it never makes such requests and urged users to remain vigilant and cautious against falling victim to such scams.

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

S&P Global Ratings joins Singapore MAS’s Project Guardian
28.06.2024By
Boden Memecoin Crashes After US President Biden’s Poor Debate Performance
28.06.2024By
Steno Research Expects $15-20B Inflows into Ether Spot ETFs, Predicts $6,500 Price Target
28.06.2024By

Latest news

S&P Global Ratings joins Singapore MAS’s Project Guardian
28.06.2024
Boden Memecoin Crashes After US President Biden’s Poor Debate Performance
28.06.2024
Steno Research Expects $15-20B Inflows into Ether Spot ETFs, Predicts $6,500 Price Target
28.06.2024
Bitcoin Mining Firm CleanSpark Acquires GRIID in $155M Stock Deal
28.06.2024
Elastos Partners With BEVM to Launch Bitcoin P2P Loans, Targeting $1.3T in Dormant Value
28.06.2024
Coinbase Files Lawsuits Against SEC, FDIC Over FOIA Request
27.06.2024
UK Watchdog Boosts Crypto Division to 100 Staff Members
27.06.2024
Hong Kong Government Explores DeFi and Metaverse to Boost Fintech Dominance
27.06.2024
Spot Ether ETFs May Receive US Approval by July 4: Report
27.06.2024
Bitcoin ETFs See Inflows for Second Consecutive Day as BTC Holds Steady at $60K
27.06.2024