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Binance delists AEUR stablecoin and issues refunds

In a swift response to the unexpected surge in value of the Anchored Coins Euro (AEUR) stablecoin on its platform, Binance has taken decisive measures, including reimbursing users and delisting AEUR. The stablecoin experienced a dramatic spike of over 200% in value shortly after being listed, prompting the exchange to intervene.

Binance has announced a compensation plan for users who purchased AEUR at the inflated valuation and were unable to sell it after trading was suspended. The exchange will provide affected users with a partial refund equivalent to the premium amount above the peg of 1 AEUR = 1.08 Tether (USDT). Binance clarified the situation, stating:

“After AEUR went online, it attracted the attention of community users. However, some users did not realize that AEUR was a stable currency when they purchased it. Demand surged in the short term, resulting in price deviations.”

The substantial price volatility impacted various AEUR trading pairs, including Bitcoin, Ether, and the euro. Binance has outlined a compensation plan to address potential losses for affected users in these pairs. The exchange has temporarily suspended trading of AEUR and will provide separate notifications regarding the resumption time for the affected trading pairs.

AEUR, issued by Anchored Coins, is a stablecoin backed 1:1 with reserves held exclusively in Swiss Financial Market Supervisory Authority (FINMA)-licensed banks. Anchored Coins, based in Zug, Switzerland, is part of the Verein zur Qualitätssicherung von Finanzdienstleistungen (VQF), a self-regulatory organization in Switzerland. The firm is obligated to comply with Anti-Money Laundering obligations.

The stablecoins minted by Anchored Coins are currently supported on both the Ethereum and BNB Smart Chain blockchains. Binance has assured users that it will collaborate with the AEUR project team to provide reasonable compensation to those affected within a 72-hour timeframe.

The post Binance delists AEUR stablecoin and issues refunds first appeared on CoinMarket.News.