Binance Steps Back: Three Delisted Trading Pairs Relisted!

Cryptocurrency exchange Binance announced in its statement that it will re-list some USDC pairs that it previously delisted.

Binance Relists Some USDC Pairs

In its official statement, the platform BNB/USDC, BTC/USDC And ETH/USDC announced that trading pairs will be reopened. The transactions started this morning at 09:30 Turkish time.

Binance had previously removed all USDC pairs and in addition converted their USDC balances to BUSD.

The development came after the USDC token lost its peg to $1. The company also added spot trading pairs containing USDC stablecoins yesterday.

However, the company reported that the BTC/USDC trading pair is no longer covered by zero commissions.

As it is known, a short time ago, the US-based Silicon Valley Bank was seized by the authorities and the bank in question was closed. Then, it was understood that the stablecoin USDC issuer Circle held a large amount of reserves in this bank.

It is not yet known whether the reserves, which were determined as 3.3 billion dollars, can be recovered. However, according to the statement made by Circle, USDC will continue to be exchangeable with the dollar at a ratio of 1:1. In addition, Circle said in its statement that in case of any loss, the reserves will cover these gaps with the company’s own resources.

However, whether the company can actually get its funds stuck in the bank will become clear when US trading hours begin on Monday. The FDIC said it would pay $250,000 for insured funds. According to the information in the market, authorities are rapidly selling the bank’s assets in order to be able to repay the uninsured funds.

*Not investment advice.