News - Binance blunders and pays for stablecoin fiasco

By Ted Maas

Binance blunders and pays for stablecoin fiasco

The exchange Binance probably had it in mind differently. After a new stablecoin token was listed, the price of AEUR rose on Binance. But that was not the intention.

Investors probably sensed a favorable entry opportunity with the token AEUR, recently listed on Binance - but apparently did not know it was a stablecoin. The price, which was actually pegged to the euro, shot up due to demand, with investors paying more than the coin was actually worth.

Binance has now suspended trading. The crypto exchange also announced compensation for affected customers. When trading will resume will be announced later. The stablecoin still has not reached its peg with the euro. According to Coingecko, the price currently stands at 86 cents.

AEUR is issued by Swiss fintech Anchored Coins. About 25 million tokens are said to be in circulation, fully backed, according to the company.

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