Paolo Ardoino responded to a recent incident that happened with top-ranked stablecoin on the Binance crypto exchange.
BinanceUS is an independent subsidiary of the Binance crypto exchange. The services of BinanceUS & Binance are independent. In the present time America’s top two financial regulators, namely the Securities & Exchange Commission (SEC) and the Commodities Futures & Trading Commission (CFTC), are investigating BinanceUS’s services deeply over alleged unregistered securities & commodities offerings in the US.
On 10 July 2023, USDT, a top-ranked stablecoin in the Crypto market, was trading at a $0.9141 value. On behalf of the plunge in the USDT pegged value on the BinanceUS, the majority of the people got into panic & tried to sell their USDT on other platforms (international exchanges).
Tether CTO Paolo Ardoino responded and provided clarification on this matter & confirmed that USDT is pegged perfectly and the main reason behind the downfall in the USDT’s pegged value was the low liquidity issue on the BinanceUS platform.
-----Cryptonews AD----->>>
Sign up for a Bybit account and claim exclusive rewards from the Bybit referral program! Plus, claim up to 6,045 USDT bonus at . https://www.bybit.com/invite?ref=PAR8BE
<<<-----Cryptonews AD-----
The Tether CTO also explained that BinanceUS is currently facing several legal challenges and because of these legal issues, crypto traders are trying to remain away from the BinanceUS platform.
I saw few accounts overnight suggesting that since USDt is trading below par on https://t.co/Zy5QwYdrr6 then USDt is depegging…
Here are the facts
– https://t.co/Zy5QwYdrr6 is going through some legal challenges so it probably doesn't have many market makers willing to… pic.twitter.com/VnVSYA7tfI
— Paolo Ardoino
(@paoloardoino) July 10, 2023
Ardoino also drew attention toward Bitcoin trade price on the same day and noted that BTC was trading at nearly $27,000 but at the same time, Bitcoin price was $30k+ on all other crypto exchanges.
Following the SEC’s suit in the first week of the last month, the Binance team delisted 100+ crypto assets trade pairs from the platform.
In the present time, only a dozen of flagship crypto assets are allowed to trade on this legally struggling crypto exchange and this is the big reason why the exchange is failing to get a sufficient amount of crypto fund liquidity & trade volume on the exchange.
Read also: Dubai Watchdog rejects BitOasis’s crypto license
Tether CTO explains why USDT traded below pegged price at BinanceUS
https://bitcoinik.com/tether-cto-explains-why-usdt-traded-below-pegged-price-at-binanceus/feed/
https://bitcoinik.com/tether-cto-explains-why-usdt-traded-below-pegged-price-at-binanceus/feed/
