Binance, one of the world’s leading cryptocurrency exchanges, announced that it will stop its Amp (AMP) trading on August 15. He also said that he may re-list at some point in the future.
Binance discontinues Amp (AMP) transactions
United States-based crypto exchange Binance.US said it will delist the AMP token due to “too much caution” by possible sanctions by federal regulators. In a blog post on Monday, Binance.US announced that it will close Amp (AMP) deposits after the US Securities and Exchange Commission (SEC) mentioned the token in a legal action. He also said that he will remove the AMP/USD trading pair on August 15.
The federal regulator filed a complaint against a former Coinbase product manager and two others in July. The complaint cited the allegation that AMP and eight other cryptocurrencies are ‘crypto-asset securities’ that fall under the jurisdiction of the SEC. Binance.US made the following statement on the subject:
In some cases, we believe delisting an asset best protects our community from unnecessary risk. We operate in a rapidly developing industry. That’s why our listing and delisting processes are designed to respond to market and regulatory developments.
Important notice from #BinanceUS regarding Amp (AMP)
Learn more: https://t.co/b8qaeDEORS pic.twitter.com/vqHdvBVHAw
— Binance.US 🇺🇸 (@BinanceUS) August 1, 2022
Nine tokens are mentioned in the SEC complaint. However, according to Binance.US, AMP is the only token available for trading on the platform. The exchange also noted that it is likely to resume AMP trading at some point in the future. However, he did not give a date.
Other crypto exchanges listing AMP may also be targets
Other crypto exchanges and companies listing the token may also support Powerledger (POWR), Chromatika (KROM), DFX Finance (DFX), Rally (RLY), Rari Governance Token (RGT), DerivaDAO (DDX), LCX, and XYO. Therefore, they are likely to face SEC scrutiny if the regulator chooses to pursue enforcement actions.
In response to the SEC lawsuit, Caroline Pham, commissioner of the U.S. Commodity Futures Trading Commission, issued a statement. “The SEC’s allegations underline how critical and urgent it is for regulators to work together. “So it’s possible that it could have broad implications beyond this single case,” he said.
At press time, the price of AMP has dropped nearly 6% in the last 24 hours to $0.00874, according to CoinMarketCap data. However, RGT price rose more than 55% to hit an all-time high of $7.83.
