binance It said in a tweet on Monday that it would swap 750 million tether-tron token pairs for tether-ether in an effort to keep up. stable coinsLiquidity of
The move comes amid renewed regulatory scrutiny on the world’s largest cryptocurrency That should help offset some of the fallout from recent shocks, including Binance being sued by the exchange and the U.S. Securities and Exchange Commission.
The tweet states that the swap will begin on Monday after 12pm UTC (05:30am IST), directly with the Tether team.
lanyard Is the largest stablecoin that aims to maintain a 1:1 peg with the US dollar. Tron is the ninth largest cryptocurrency with a market cap of $6.3 billion (roughly Rs. 51,900 crores), while Ether is the second largest after bitcoin, with a market capitalization of $210 billion (roughly Rs. 17,30,500 crores).
Last week, the SEC sued Binance, its CEO and founder Changpeng Zhao, and the operations of Binance.US, alleging 13 allegations that Binance engaged in a “web of fraud,” artificially inflating trading volumes and diverted customer funds, and that Binance and Zhao were secretly controlling the US entity while publicly claiming it was independent.
It will also block dollar withdrawal channels as early as June 13 after the SEC asked the court to freeze its assets. Binance said on Thursday.
Trading platform Robinhood Markets said the next day that it was delisting three cryptocurrency tokens from its platform that the SEC identified as securities in its lawsuit against Binance.
The SEC charged the Tron Foundation and its founder Sun Yuchen with fraud in March. A month later, the US arm of Binance said it would delist digital asset token Tron from its trading platform.
© Thomson Reuters 2023