Binance.US Delists AMP Token After SEC Security Classification

Binance.US, a prominent crypto exchange in the United States, plans to remove the AMP token from its platform following the SEC's classification of AMP as a security. This decision comes after the SEC's lawsuit against individuals involved in the promotion of AMP as an unregistered security. Binance.US aims to protect its users from potential risks associated with the SEC's actions and will cease AMP trading on August 15th.

Binance.US Delists AMP Token Following SEC Classification as Security

JAKARTA, Indonesia—Binance.US, one of the largest cryptocurrency exchanges in the United States, has announced its decision to remove the AMP token from its trading platform. This move comes in response to the recent classification of AMP as a security by the U.S. Securities and Exchange Commission (SEC).

In a blog post published on Monday, Binance.US stated that it would cease AMP (AMP) deposits and eliminate the AMP/USD trading pair on August 15. This decision follows the SEC's inclusion of AMP in a legal action filed against a former Coinbase product manager and two other individuals.

According to the SEC's complaint, AMP and eight other cryptocurrencies are deemed "crypto asset securities" and thus subject to SEC jurisdiction. Binance.US, in its blog post, expressed its belief that "in some circumstances, asset deletion will protect our community from undue risk."

The exchange emphasized its commitment to adaptability in a rapidly evolving industry, stating that its "listing and delisting processes are designed to be responsive to market and regulatory developments."

While Binance.US noted that AMP was the only token named in the SEC complaint that was currently available for trading on its platform, it indicated that trading "may resume at some point in the future" without specifying a timeline.

The SEC's actions have raised concerns within the crypto industry, with the potential for wider implications. Exchanges and other crypto companies that list tokens similar to those named in the SEC complaint, such as Powerledger (POWR), Kromatika (KROM), DFX Finance (DFX), Rally (RLY), Rari Governance Token (RGT), DerivaDAO (DDX), LCX, and XYO, could face increased scrutiny and potential enforcement actions.

Caroline Pham, Commissioner of the U.S. Commodity Futures Trading Commission, emphasized the importance of collaboration among regulators in response to the SEC's case. She stated, "The SEC's allegations could have far-reaching implications beyond this single case, underscoring the importance and urgency of regulators working together."

At the time of writing, the price of the AMP token was trading at IDR 125, having declined by 6.6% in the previous 24 hours. On June 16, 2021, AMP reached its all-time high (ATH) of Rp1,722, but has since plummeted by 92.7%.

It is important to note that this article was originally published in Indonesian and has been translated using machine translation. There may be some inaccuracies in the translation, and readers are advised to consult the original Indonesian text for the most accurate information.