Binance announced on Monday its plans to swap 750 million tether-tron token pairs for tether-ether, a move aimed at sustaining liquidity for the stablecoin amidst ongoing regulatory scrutiny. This swap will provide some cushion for the world’s largest cryptocurrency exchange, which has recently faced several major setbacks, including a lawsuit filed by the US Securities and Exchange Commission (SEC). The swap will be conducted directly with the tether team and will begin after 12 pm UTC on Monday.
Tether is the largest stablecoin that seeks to maintain a 1:1 peg with the US dollar. Tron is the ninth largest cryptocurrency, with a market value of around $6.3 billion (nearly Rs. 51,900 crore), while ether is the second-largest cryptocurrency after bitcoin, with a market capitalization of roughly $210 billion (nearly Rs. 17,30,500 crore).
Last week, Binance, its CEO Changpeng Zhao, and Binance.US’s operation were sued by the SEC, alleging that they had engaged in a “web of deception,” artificially inflated trading volumes, and diverted customer funds. The SEC also charged the Tron Foundation and its founder Justin Sun with fraud in March, and a month later, the US arm of Binance said it would delist digital asset token tron from its trading platform.
Binance has further announced its decision to halt dollar withdrawal channels as early as June 13, following the SEC’s request to freeze its assets. Meanwhile, trading platform Robinhood Markets has delisted three cryptocurrency tokens from its platform that the SEC identified as securities in its lawsuit against Binance.
It remains to be seen how Binance will navigate these challenges in the coming months, but the exchange’s decision to swap tether-tron token pairs for tether-ether is a positive step towards mitigating some of the damage caused by recent regulatory scrutiny.
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