MEXCBinance Announces Compensation Plan Post AEUR Stablecoin Surge
Binance has stepped forward to offer compensation to traders who purchased AEUR, a stablecoin pegged to the Euro, during its unexpected price surge. AEUR, issued by Swiss-based Anchored Coins, experienced a significant increase in value, deviating from its intended stable price.
AEUR Price Spike and Trader Confusion
The AEUR stablecoin, which typically mirrors the value of the Euro, saw its price peak at $3.25, a 200% rise from its expected level of around $1.07. This surge occurred shortly after AEUR was introduced to the spot market.
The spike was attributed to a mix-up among some Binance traders who did not recognize AEUR’s nature as a stablecoin. Consequently, a strong demand emerged, leading to this unexpected price hike.
Binance’s Swift Response to Market Anomaly
Binance, in response, quickly took measures to stabilize the situation by suspending spot trading for several AEUR pairs, including AEUR/USDT, BTC/AEUR, ETH/AEUR, and EUR/AEUR, to assess and address the volatility.
Following this, the exchange announced a compensation plan for those who purchased AEUR above its intended value during Tuesday’s specific window from 12:41 p.m. to 1:31 p.m. EST. Eligible traders will receive this compensation in the coming days, particularly those who retained their AEUR holdings and did not engage in further selling on Binance.
The compensation plan reflects Binance’s commitment to maintaining a fair and transparent trading environment. This move is particularly significant, considering the limited liquidity of AEUR, which had a supply of five million coins on the platform at the time. The exchange had also initially incentivized trading of the new stablecoin with a zero-fee promotion.
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