Binance Will Remove US AMP After SEC Claims Token Is a Security - India Blogger

United States-based crypto exchange Binance.US said it will remove the AMP token “very carefully” of possible enforcement by federal regulators.

In Monday’s blog post, Binance.US said that it will close deposits of Amp (AMP) on August 15 following the token’s mention in legal action from the US Securities and Exchange Commission, or SEC, and the AMP/USD trading pair. will remove. , The federal regulator filed a complaint in July against a former Coinbase product manager and two individuals, claiming that AMP and eight other cryptocurrencies were “crypto asset securities” that fall under the purview of the SEC.

Binance.US said, “We believe that, under certain circumstances, delisting an asset protects our community from undue risk.” “We operate in a rapidly evolving industry and our listing and delisting processes are designed to be responsive to market and regulatory developments.”

According to Binance.US, AMP is the only token out of nine mentioned in the SEC complaint that is available for trading on the platform. AMP’s exchange added trading “may resume at some point in the future,” but did not provide a date. Companies listing Powerledger (POWR), Chromatica (KROM), DFX Finance (DFX), Rally (RLY), Rari Governance Token (RGT), DerivaDAO (DDX), LCX and XYO, among other crypto exchanges and tokens may also face. Investigation from the SEC if the regulator chooses to pursue enforcement actions.

“The SEC’s allegations could have broad implications beyond this single case, underscoring how important and urgent it is that regulators work together,” Told US Commodity Futures Trading Commission Commissioner Carolyn Pham in response to the SEC case.

related: US Congressman Reprimands SEC for Non-Judicial Action Against Crypto Companies

According to data from CoinMarketCap, at the time of publication, the price of AMP had fallen by almost 6% in the past 24 hours to reach $0.00874. However, RGT price rose over 55% to hit a new all-time high of $7.83.

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