Binance US will delist AMP Token following SEC complaint

Binance US will delist AMP Token following SEC complaint

 

United States-based Cryptocurrency Exchange Binance.US said it will be delisting the AMP token “out of an abundance of caution” of possible enforcement by federal regulatory bodies. 

 

In a Monday blog post, Binance.US said it will be closing deposits of Amp (AMP) and removing the AMP/USD trading pair on 15^th August following the token's mention in a legal action from the U.S. Securities and Exchange Commission (SEC). The federal regulatory body filed an official complaint against a former Coinbase product manager and two individuals in July 2022 that claimed that AMP and eight other cryptocurrencies were “crypto asset securities” that fell under the SEC is authority.

 

Also Read: UK Financial Regulator Tells Crypto Investors To Limit Holdings

 

 

“We believe that, in special circumstances, delisting a currency or an asset best protects our community from undue risk,” said Binance.US. “We operate in a rapidly evolving cryptocurrency space and our listing and delisting processes are intended to be responsive to market and regulatory body developments.”

 

Also Read: Binance Served Crypto Traders For Years In Iran Despite U.S. Sanctions, Clients Reveal

 

According to Binance.US, AMP is the only token available for trading on the platform out of the nine mentioned in the SEC complaint. The exchange ambiguously added that trading of AMP “may resume at some point in the future,” but did not provide a date. Other Cryptocurrency Exchanges and companies listing the token as well as Powerledger (POWR), Kromatika (KROM), DFX Finance (DFX), Rally (RLY), Rari Governance Token (RGT), DerivaDAO (DDX), LCX and XYO may also face scrutiny from the SEC if the regulatory body chooses to pursue enforcement actions.

 

Also Read: Coinbase Exchange Faces SEC Investigation Over Its Crypto Listings

 

"The SEC is charges could have broad implications beyond this single case, underscoring how serious and urgent it is that regulatory bodies work together,” said Caroline Pham, commissioner for the U.S. Commodity Futures Trading Commission (CFTC), in response to the SEC case.

 

According to data gathered from CoinMarketCap, At the time of publication, the price of AMP had fallen roughly 6% in the last 24 hours to reach $0.00874. However, the Rari Governance Token (RGT) price surged more than 55% to reach a new all-time high of $7.83.