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Binance Plans to Swap 750 Million of Token Pairs to Ensure Liquidity

Binance Plans to Swap 750 Million of Token Pairs to Ensure Liquidity

Submitted by jhartgen@abi.org on

Binance said in a tweet yesterday that it would swap 750 million tether-tron token pairs for tether-ether in an attempt to maintain the stablecoin's liquidity, Reuters reported. The move comes amid renewed regulatory scrutiny at the world's largest cryptocurrency exchange and will help cushion some of the fallout from recent blows, including Binance being sued by the U.S. Securities and Exchange Commission. The swap, set to start after 12 p.m. UTC on Monday, will be held directly with the tether team, the tweet said. Tether is the largest stablecoin that aims to maintain a 1:1 peg with the U.S. dollar. Tron is the ninth largest cryptocurrency with a $6.3 billion market value, while ether is the largest after bitcoin, with its $210 billion market capitalization. Last week, the SEC sued Binance, its CEO and founder Changpeng Zhao, and Binance.US's operation alleging in 13 charges that Binance had engaged in a "web of deception," artificially inflated trading volumes and diverted customer funds, and that Binance and Zhao were secretly controlling the U.S. entity while publicly claiming that it was independent.

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