Binance, the world's largest cryptocurrency exchange, saw strange movements in the price of the Euro-based stablecoin AEUR, which it recently listed, and closed the trading of AEUR/USDT, BTC/AEUR, ETH/AEUR and EUR/AEUR spot trading pairs 05.12.2023 18:31 It was suspended as of :59 (UTC).
At this point, good news came from Binance to its users who suffered losses.
Binance announced in a statement that it will compensate users who mistakenly purchased the unusual price rise of the AEUR stablecoin.
At this point, Binance stated that users who purchased AUER within a certain time period and could not sell their AUER until the suspension time will be entitled to compensation.
“Dear Binance Users;
AEUR has experienced strong demand against the stablecoin, causing its price to diverge.
Binance monitors the market 24/7. When price deviation occurred in AUER, trading of AEUR/USDT, BTC/AEUR, ETH/AEUR and EUR/AEUR spot trading pairs was immediately suspended as of 05.12.2023 18:31:59 (UTC).
A separate announcement will be issued when trading resumes for suspended AEUR spot trading pairs.
Users who purchased AEUR between 05.12.2023 at 17:41:16 UTC and 05.12.2023 at 18:31:59 UTC via AEUR/USDT, BTC/AEUR, ETH/AEUR and EUR/AEUR spot trading pairs and AEUR Those who cannot sell their assets on Binance Spot before 05.12.2023 18:31:59 (UTC) will be eligible to receive compensation.
Eligible users' net AEUR purchase amount will be taken into account in calculating their respective compensation. The calculation will be based on the AEUR price on Binance Spot as of 05.12.2023 17:41 (UTC).”
In its announcement, Binance also explained in detail how the compensation amount to be paid to users will be calculated.
As it is known, AEUR saw a 200% increase in price shortly after it was listed on the spot market on Tuesday. The AEUR-USDT trading pair rose as high as $3.25 on Tuesday, well above the expected value of around $1.07.
Within 72 hours of this announcement, Binance will facilitate and implement the AEUR project team’s compensation plan for impacted users.https://t.co/P0ygcDYBNK
— Binance (@binance) December 6, 2023
*This is not investment advice.