Binance Announced Swap Of 750 Million Token Pairs

 Binance Announced Swap Of 750 Million Token Pairs

Binance Announced Swap Of 750 Million Token Pairs To Improve Liquidity

On Monday, Binance took to the Twitter platform to announce that it will be swapping around 750 million USDT/Tron token pairs. The reason behind such a massive swap is to ensure that liquidity is maintained on the Binance platform.

This recent move by Binance comes when the crypto exchange is facing increased scrutiny from regulators. In addition, the Binance is also facing a case from the SEC as well! Overall, this move by Binance will allow it to improve its operations. As per the details, the swap will start on Monday and will be carried out with the help of the tether team.

Out of all the stablecoins, Tether is the largest player that ensures that it always has a 1:1 peg with USD. As for Tron, it holds a market value of $6.3 billion and is the 9th biggest crypto asset. Similarly, Ether is right next to Bitcoin, with a market value of $210 billion.

Binance: A Web Of Deception?

Just a week ago, the Binance CEO was sued by the SEC that it is operating a web of deception. Overall, the SEC has filed 13 charges against Zhao over the company's US operations.

One of the major allegations is that Binance was involved in using artificial means to inflate the trading volumes. In addition, another charge is that Binance diverted the customer funds illegally.

And last but not least, the Binance CEO was also allegedly involved in controlling Binance US's version while claiming that it is independent.

According to sources, the withdrawal channels for USD will be halted before the 13th of June at Binance as SEC has asked a court for this!

There's no doubt that the legal battles faced by Binance and its CEO are gathering traction and could cause a serious blow to its operations. But in the short term, it is business as usual at the Binance crypto exchange.

Trending Stories