Binance tweeted on Monday that it would swap 750 million tether-tron token pairs for tether-ether to preserve stablecoin liquidity.
The move comes amid heightened regulatory scrutiny at the world’s largest cryptocurrency exchange and will help mitigate recent blows, notably Binance’s SEC lawsuit.
The message added the tether team would directly do the exchange after noon UTC on Monday.
The largest stablecoin, Tether, pegs to the U.S. dollar. Ether is the second-largest cryptocurrency behind bitcoin, with a $210 billion market valuation, whereas Tron is ninth with $6.3 billion.
The SEC sued Changpeng Zhao and Binance. Last week.US’s investigation alleged in 13 allegations that Binance had committed a “web of deception,” fraudulently exaggerated trading volumes and transferred customer funds, and that Binance and Zhao surreptitiously controlled the U.S. firm while publicly professing independence.
After the SEC requested a court freeze of its assets, it will stop dollar withdrawal routes on June 13. Binance stated Thursday.
Robinhood Markets (HOOD.O) delisted three cryptocurrency tokens the SEC classified as securities in its lawsuit against Binance the next day.
March saw the SEC prosecute Justin Sun and the Tron Foundation with fraud. A month later, Binance U.S. removed Tron from its trading platform.