Binance.US to Halt Trading for AMP
Quick take:
- Binance will delist AMP token due to legal action from SEC
- Deposits for AMP will be halted from August 15th 2022
- This is a continuation of the SECs investifgation into whether certain currencies are securities, following on from the recent Coinbase insider trading issues
Following the US Securities and Exchange Commission’s mention of AMP in a legal action, Binance.US has decided to halt trading for the token.
In an official announcement, the exchange stated that it would stop deposits and trade for AMP later this month.
“We believe that, in some circumstances, delisting an asset best protects our community from undue risk,” Binance.US said in the post while stating AMP’s delisting.
SEC had filed a complaint against an ex Coinbase product manager and two more people, who had claimed that AMP, along with eight other coins were “crypto asset securities”.
AMP on Binance.US: What’s Happening?
“Out of an abundance of caution, we have decided to delist the AMP token from Binance.US, effective August 15, 2022,” reads the official statement from Binance.US.
Here’s how the delisting will go down:
- Deposits for AMP will be halted on August 15th, 2022 (9:00 PM EDT)
- The AMP/USD trading pair will be removed on August 15th, 2022 (11:00 PM. EDT)
- Trade orders for AMP will be automatically removed after the delisting
While the exchange says, “may resume at some point in the future”, the token will be delisted until their name is cleared.
Binance.US further clarified, “Last week, the Securities and Exchange Commission (SEC) filed securities fraud charges against a former employee of Coinbase, among others. In its suit, the SEC named nine digital assets that it alleges are securities. Of those nine tokens, only Amp (AMP) is listed on the Binance.US platform.”
How Does This Affect You
- AMP holders and traders who use Binance.US will be directly affected. They can either sell the tokens
- This move by Binance.US clearly shows that the exchange does have high listing standards and complies with the SEC.
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