Binance.US removes the security considered by the SEC cryptocurrency

Binance.US, the US arm of the world’s largest cryptocurrency exchange, is removing the Amp token, one of nine cryptocurrencies that the US Securities and Exchange Commission classified as unlisted securities last month.

It was the first major cryptocurrency exchange in the US to stop trading any of the assets cited by the SEC, but Binance’s global trading platform, which offers Amp and Powerledger, another of the nine chips, has also not been removed. from the list.

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“We operate in a rapidly changing industry and our listing and cancellation processes are designed to respond to market and regulatory changes,” Binance.US wrote in a blog post on Monday. The company said it would phase out the business “for an abundance of caution” starting August 15 and would not resume operations “until there is more clarity on the AMP classification.”

Binance did not respond to a Forbes request for comment.

The SEC identified cryptocurrencies as stocks in an insider trading case initiated against a former employee of Binance’s rival Coinbase. The civil suit also named a friend and brother of the employee, and the Justice Department filed a parallel criminal suit against the trio.

The other cryptocurrencies cited by the SEC are the Rally
RLY
(RLY), DerivaDao (DDX), XYO (XYO), Rari (RGT
GT
), LCX (LCX), DFX Finance (DFX) and Kromatika (KROM). Amp is the only listed coin offered on the Binance.US platform.

Forbes reported last week that the ripple effects of the Coinbase lawsuit would likely hit other exchanges, prompting them to be removed from the SEC’s list of assets, but the largest cryptocurrency exchanges offering these tokens have not yet taken action.

Kraken, a San Francisco-based exchange that lists Powerledger, wrote in a statement to Forbes that “takes its role as facilitator of a secure and compliant global trading platform very seriously. We do not list the titles. For each asset we list, our teams perform in-depth risk and security assessments, which include a comprehensive legal and compliance process.

Echoing Caroline Pham, a member of the Commodities Futures Trading Commission that called The SEC case is a “prime example of regulation by enforcement,” Coinbase Chief Legal Officer Paul Grewal responded to the allegations in a blog post last month, “We agree with Commissioner Pham and, respectfully, 100% disagree with the SEC’s decision to file these fraud allegations and the substance of the allegations themselves.

“Coinbase does not list stocks on its platform. Point, “he wrote.

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