Binance.US Delists AMP After SEC Declares Tokens As Security

Binance.US said it will delist the AMP token due to concerns about the ability of federal regulators to enforce it in the US.

In a blog post earlier this week, Binance.US said it will delist the AMP token and remove all AMP-related trading pairs on August 15, after the token was mentioned in an action. from the United States Securities and Exchange Commission (SEC).

Specifically, the SEC filed a counter-complaint alleging that the exchange listed up to nine tokens as securities after the former Coinbase Product Manager was arrested for insider trading. Faced with the situation just mentioned, Binance.US said:

“We believe that, in some cases, delisting an asset will best protect our community from undue risk. Binance.US operates in a rapidly evolving industry and our listing processes are designed to respond to market developments.”

According to Binance.US, AMP is the only token out of the nine SEC-named tokens

The exchange added that AMP could be re-listed again at some point in the future, but did not provide a specific date.

Other exchanges and crypto companies listed the remaining tokens such as Powerledger (POWR), Kromatika (KROM), DFX Finance (DFX), Rally (RLY), Rari Managed Token (RGT), DerivaDAO (DDX), LCX and XYO could also face scrutiny from the SEC if the regulator chooses to pursue broader enforcement actions.

Caroline Pham, a member of the US Commodity Futures Trading Commission (CFTC), said the SEC’s allegations could have broad implications beyond this single case, underscoring the importance and urgency of the matter. that regulators must work together.

However, right after the information was released, the price of AMP is reacting quite negatively, down by 8.06% in the last 24 hours and is trading around 0.00841 USD at the time of writing.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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