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    <p><a rel="dofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a> listed ‘<a rel="dofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>’ Anchored Coins EUR (AEUR) with a zero trading fee promotion on Monday, which <a rel="dofollow" title="pumped" href="https://thebittimes.com/tag/pumped.html">pumped</a> nearly 200% before the <a rel="dofollow" title="Crypto" href="https://thebittimes.com/tag/crypto.html">Crypto</a> exchange halted trades the next day due to “abnormal volatility.”</p> 
    <p>Swiss-based Anchored Coins claims that its AEUR stablecoin is pegged to the euro. Upon launch, it traded around $1.08 as intended until 17:45 UTC — when high volumes raised the price up to $3.25, CoinDesk reports.</p> 
    <p>According to Binance’s site, AEUR had crept down to $1.71 when the stablecoin was pulled. It lists the stablecoin’s market cap at $13.99 million at press time, with a 24 hour volume of $34.61 million and $5 million in circulation. CoinDesk noted that the last trade was made for $2.89, or 167% beyond the price of the euro.</p> 
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       <p lang="en" dir="ltr">Binance halts trading on euro stablecoin $AEUR after it pumped 170% pic.twitter.com/uHgxBgSLQM</p>— db (@neuralinkdb) December 5, 2023
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    <p><em>Read more: Moody’s reports 600 stablecoin depegs in 2023</em></p> 
    <p>Anchored Coins was founded and wholly owned by Singaporean investor and former MP Calvin Cheng. It announced AEUR together with ACHF, a Swiss franc-backed ‘stablecoin,’ three months ago. Cheng, currently the ‘Hon. Consul of Serbia to Singapore,’ has not posted on X since sharing news of AEUR’s listing on Binance.</p> 
    <h2 class="wp-block-heading" id="h-binance-calms-aeur-traders-with-compensation-promise">Binance calms AEUR traders with compensation promise</h2> 
    <p>In its initial response, Binance said that trading was down — but that its “team is working towards reopening trading soon.” The post on X (formerly Twitter) received several accusatory responses from AEUR traders.</p> 
    <p>“You have literally scammed us,” one user wrote. “You manipulated the market and wipe[d] out everything.”</p> 
    <p>“Will you cover our losses?” Another queried.</p> 
    <p>Binance has since announced that it will, in fact, compensate traders. The crypto exchange said that the <strong>price surge occurred due to traders who were unaware of AEUR’s nature as a stablecoin</strong>.</p> 
    <p>“As AEUR has been well-received by the community, including users who might not have realized its standing as a stablecoin, there was strong demand for AEUR, which resulted in its price deviation,” Binance said.</p> 
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       The US gov’t will monitor Binance for years — who’s right for the job?
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    <p><em>Read more: <a rel="dofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a> invested heavily in lobbying before guilty plea</em></p> 
    <p>Traders who bought and maintained AEUR between 12:41 p.m. EST and 1:31 p.m. EST on Tuesday will be eligible for compensation. <strong>Payments will begin within the next three days</strong>, Binance said, but didn’t mention a cap on compensating traders.</p> 
    <h2 class="wp-block-heading" id="aeur-traders-beware-of-scammers">AEUR traders beware of scammers</h2> 
    <p>Anchored Coins has eluded to the news on LinkedIn, its sole social media presence apart from a public Telegram group, with a concerning report that AEUR traders are already being targeted by scammers.</p> 
    <p>“Amid the recent news surrounding AEUR we are receiving <strong>reports of fradulent social media accounts claiming to be Anchored Coins</strong> requesting users to share their personal wallet addresses.”</p> 
    <p>“Happy trading!” It added.</p> 
    <p><em>Quotes in bold are our emphasis. Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;X,&nbsp;</em><em>Instagram</em><em>,&nbsp;</em><em>Bluesky</em><em>, and&nbsp;</em><em>Google News</em><em>, or subscribe to our&nbsp;</em><em>YouTube</em><em>&nbsp;channel.</em></p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/binance-delists-stablecoin-aeur-after-it-pumped-200-on-launch-tbt72807.html">https://thebittimes.com/binance-delists-stablecoin-aeur-after-it-pumped-200-on-launch-tbt72807.html</a></p>

Binance delists 'stablecoin' AEUR after it pumped 200% on launch

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