News

TRU Price Rose 20% When Fee For Trading Pairings Other Than BTC/TUSD Was Announced.

Key Points:
  • Binance has eliminated commission-free Bitcoin trading, with the one notable exemption being pairings that include the stablecoin TUSD.
  • This decision reveals that Binance is “pivoting” to stablecoin TUSD after ending its affiliation with BUSD due to Paxos’ legal concerns with US authorities. The reason for the termination of the association was because of Paxos’ legal issues.
Binance announced the end of the free BTC trading promotion, however it still applies to the BTC/TUSD pair.

Although Binance does not yet collect fees for trading Bitcoin, it does so for deals involving Bitcoin and Tether USD. Because of this move, the price of TRU rose by more than 20% in less than an hour. Binance celebrated the fifth anniversary of its founding by introducing free trading of bitcoin with 13 different spot pairings.

This strategy resulted in a notable rise in the volume of Bitcoin trading activity on the “pillar” exchange; yet, it garnered Binance a great deal of criticism. Despite this, the floor has maintained its 0 dong fee ever since. On the other hand, Binance made an unexpected announcement on March 15, 2023, stating that free Bitcoin trading will be halted, with the exception of pairs that included the stablecoin TrueUSD (TUSD).

According to the release, only the BTC/TUSD pair is now free to spot; the remaining pairs will all begin charging the regular transaction cost from 7:00 a.m. on March 22, 2023. This action demonstrates that Binance is “pivoting” to stablecoin TUSD after terminating its association with BUSD because to Paxos’ legal issues with US authorities.

Previously, Binance minted a big quantity of stablecoin TUSD in a short period of time and included TUSD in numerous trading pairings on the exchange. The TRU token price of the TrueFi lending protocol also climbed dramatically, despite in fact this project is not really “connected” to TUSD, simply “used to be” products of TrueFi Protocol. TRU’s price has risen in less than an hour following the exchange’s announcement. TRU is presently trading at about $0.14, having gained 18% in the last 24 hours.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Chubbi

Coincu News

Chubbi

Recent Posts

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

25 minutes ago

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

55 minutes ago

Book of Meme Old News? This Best Meme Coin to Invest in 2024 Is Multiplying Gains Like a Champ

Over the years, meme coins have evolved from inside jokes into serious investment opportunities.

2 hours ago

Time’s Ticking on BlockDAG’s 5-Tier Bonus- Few Days Left to Grab It While Cardano Whales Take Action, Aave Rallies Strong

Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…

2 hours ago

Best Altcoins to Buy for 2025: Qubetics Presale Surge, Solana’s Lightning Speed, and Cardano’s Blockchain Revolution

Discover why Qubetics, Solana, and Cardano are redefining the crypto landscape. Learn about milestones, price…

3 hours ago

Why Qubetics, NEAR Protocol, and IMX Are Dominating Crypto: The Best Altcoins to Join Today for Game-Changing Returns 

Discover why Qubetics, NEAR Protocol, and Immutable X are the best altcoins to join today,…

5 hours ago

This website uses cookies.