Binance’s US platform removes crypto tokens once the Securities and Exchange Commission (SEC) declares it a security. Another crypto exchange, Coinbase, disagreed with the regulator, claiming the token is not a security.
Binance removes AMP ‘out of an abundance of caution’
The Binance US exchange (Binance US) is taking steps to confirm that crypto tokens that the US Securities and Exchange Commission (SEC) has declared to be securities are not listed on its platform. The SEC recently mentioned in a case against a former Coinbase product manager that 9 crypto tokens square securities. these are AMP, RLY, DDX, XYO, RGT, LCX, POWR, DFX and KROM.
Binance US explained:
In its lawsuit, the SEC named 9 digital assets that it says are securities. out of these 9 tokens, only amp (AMP) is listed on the Binance.US platform.
“Out of an abundance of caution, we have decided to remove the AMP token from Binance.US, effective August 15, 2022,” the crypto exchange proclaimed this week.
Binance US ensures that on August 15, AMP deposits on its platform will be closed at 9:00 p.m. EDT and therefore the AMP/USD trade combination will be removed at 11:00 p.m. EDT. “All trade orders are automatically removed once commercialism ceases for commercialism to combine,” the announcement reads.
The exchange said it is taking this step until there is a lot of clarity around the classification of the cryptocurrency, adding that the coin may return to commercialism at some end in the future.
The price of AMP fell sharply following news of the North American nation’s delisting of Binance. At the time of writing, AMP is at $0.0081411, down 11% in the past twenty-four hours.
While the North American nation of Binance has taken a cautious approach to crypto tokens that will be considered securities by the SEC, Nasdaq-listed cryptocurrency exchange Coinbase has opted to fight the securities regulator .
Following the case against its former employee, Coinbase revealed a newspaper article stating that it does not list any securities. The exchange’s chief legal officer, Paul Grewal, wrote, “Coinbase does not list securities on its platform. end of the story. the director also criticized the SEC, stating, “Instead of engaging in a dialogue with the North American nation regarding the seven assets on our platform, the SEC has embarked on a legal proceeding.”
Last week, reports surfaced that the SEC may be working Coinbase on its listings of crypto securities.
The post office Binance US removes crypto token ‘out of an abundance of caution’ after SEC says it’s a security first appeared on BTC Sons.