Binance, the world's largest cryptocurrency exchange by trading volume, announced the listing of two new trading pairs on its platform: BCH/TUSD and CFX/TUSD.
The new pairs will allow users to trade between Bitcoin Cash (BCH) and Conflux Network (CFX) and TrueUSD (TUSD), a regulated stablecoin backed by the US dollar.
According to the official announcement, Binance will open trading for BCH/TUSD and CFX/TUSD trading pairs at 11:00 CEST on 30 June 2023. Users will benefit from zero maker fees on BCH/TUSD and CFX/TUSD trading pairs until further notice.
The addition of new trading pairs comes after Binance's recent support for TUSD.
In 2019, Binance partnered with Paxos to launch its own branded stablecoin, Binance USD (BUSD), also backed by the US dollar and approved by the New York Department of Financial Services (NYDFS).
However, Paxos had received a Wells notice from the US Securities and Exchange Commission (SEC), which was used to inform companies that they were the target of an enforcement action. The notice claimed that BUSD was an unregistered security, which Paxos denied, saying BUSD did not meet the criteria for being a security under the Howey test or the Reves test.
Following the SEC's notification, NYDFS ordered Paxos to cease issuing new BUSD tokens, citing certain unresolved issues over Paxos' oversight of its relationship with Binance regarding BUSD.
As a result of regulatory scrutiny, the BUSD token has lost its popularity among crypto users who are switching to other stablecoins such as USDT and USDC.
*Not investment advice.