Major Crypto Exchange Bitfinex Adds New Stablecoin Pairs As Tether Expands Its Market

Libra Coin News
Tue, 08/27/2019 - 11:02
Yuri Molchan
Bitfinex digital exchange that is a partner of Tether Ltd, the emitter of the same name coin, adds support for three new trading pairs based on other dollar-pegged assets
Cover image via freepik.com
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On August 27, Bitfinex spread the word on its Twitter page that it has listed three new pairs with stablecoins. The newly added pairs contain Paxos Standard (PAX), TrueUSD (TUSD) and USD Coin (USDC).

The pairs are USDC/USDT, PAX/USDT, TUSD/USDT.

Trading started at 8.00 a.m. UTC on Tuesday. As per the company blog post, only verified users can trade these new pairs.

Bitfinex and the legal battle with the NYAG

As U.Today reported previously, the judge Joel M. Cohen from the NY Supreme Court ruled that Bitfinex should provide all the necessary documents to the New York Attorney General (NYAG) demanded by the latter.

The case in question was regarding Bitfinex violating its own rules of prohibiting New York citizens from using its crypto platform. Bitfinex insisted that it had taken all necessary measures to prevent that from happening.

The NYAG did not agree with that, however.

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Bitfinex and its previous ‘sins’

Now, in the comment thread to the Bitfinex post, some users ask the platform about how the process of document collecting for the NYAG is going.

Another user raises the question that has also been associated with Bitfinex and Tether for a long time – the backing of USDT stablecoin.

In the most recent scandal, Bitfinex had lost around $850 mln of user and corporate funds after regulators shut down the payment processor company that held the money. Part of those funds was supposed to back USDT circulating in the market.

To compensate users for the loss of funds, the exchange recently initiated an IEO of its own native token LEO. The IEO was a closed one though and no retail investors were able to partake.

As a result of the coin offering, Bitfinex raised $1 bln.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.


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