AEUR Stablecoin Delisted from Binance Amid Valuation Surge

Following a valuation surge of over 200% subsequent to its listing, the Anchored Coins Euro (AEUR) stablecoin delisted from the cryptocurrency exchange Binance and refunded users.

A user will receive compensation from Binance on December 6th in the event that they acquired AEUR at an exaggerated valuation and were unable to divest it subsequent to the trading interruption earlier that day.

Users who are impacted will be refunded a proportionate quantity of the premium that exceeds the peg of 1 AEUR = 1.08 Tether.

“After AEUR went online, it attracted the attention of community users. However, some users did not realize that AEUR was a stable currency when they purchased it. Demand surged in the short term, resulting in price deviations.”

According to the exchange, the significant price volatility had an impact on the value of several AEUR trading pairs, including Bitcoin, Ether, and the euro. This also qualifies as compensation under the exchange’s scheme.

Binance stated, “In order to prevent potential losses for other investors, the resumption time of the aforementioned AEUR spot trading pairs will be communicated separately.” Trading of the coin is presently prohibited on the exchange.

The Zug, Switzerland-based fintech company Anchored Coins issuing AEUR. The firm is obligated to adhere to anti-money laundering obligations as a member of Verein zur Qualitatssicherung von Finanzdienstleistungen (VQF), the self-regulatory organization of the country and a subsidiary of the Swiss Financial Market Supervisory Authority (FINMA).

According to Anchored Coins, each AEUR has “one-to-one backing by reserves held exclusively with Swiss FINMA-licensed banks.” Presently, the organization issues stablecoins via Ethereum and the BNB Smart Chain.