TrueUSD reassures users of no exposure to Prime Trust amid regulator challengesBinance has announced a new zero-fee promotion for TrueUSD (TUSD) trading pairs. However, this strategic move, scheduled to commence on June 30, 2023, is predicted to stimulate the crypto-market dynamics by extending its feeless trading opportunity to a wider audience.
The introduction of zero maker fees on all TUSD spot and margin trading pairs is an expansion of its previous promotion that only included the Bitcoin (BTC) – TUSD pair. Additionally, Binance has demonstrated its commitment to making trading more affordable by extending the BUSD zero-maker fee promotion for another six months until the end of 2023.
The impact of Binance’s bold move is expected to be substantial. The TUSD token is currently the fifth-largest dollar-pegged stablecoin on the market, with its issuance handled by crypto firm ArchBlock, formerly known as TrustToken. This expansion of feeless trading for TUSD and its integration into Binance’s platform are set to boost liquidity and catalyze market activity, thereby fostering a more inclusive trading environment for the global crypto community.
However, Binance’s aggressive market expansion unfolds amid a turbulent backdrop of regulatory scrutiny and legal challenges. It is essential to know that the company has recently faced several lawsuits, including from the U.S. Securities and Exchange Commission (SEC), which accused Binance and its CEO, Changpeng “CZ” Zhao, of violating federal securities laws.
Further escalating these challenges, French authorities are investigating the company for potential “aggravated money laundering.” In addition, Binance has chosen to exit the Netherlands after failing to secure a required operating license and has sought to revoke its operating permissions in the U.K., while also terminating its registration with Cyprus’ securities regulator.
Despite these hurdles, Binance’s new feeless trading initiative represents a strategic maneuver that signals the company’s determination to expand TUSD trading on its platform. This move, coupled with the recent minting of $1 billion TUSD on the Tron network, highlights the exchange’s commitment to innovating within the regulatory boundaries and maintaining its position as a leading player in the crypto exchange industry.
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