United States-based crypto alternate Binance.US mentioned it will be delisting the AMP token “out of an abundance of caution” of attainable enforcement by federal regulators.
In a Monday weblog publish, Binance.US mentioned it will be closing deposits of Amp (AMP) and eradicating the AMP/USD buying and selling pair on Aug. 15 following the token’s point out in a authorized motion from the U.S. Securities and Exchange Commission, or SEC. The federal regulator filed a grievance in opposition to a former Coinbase product supervisor and two people in July that claimed that AMP and eight different cryptocurrencies had been “crypto asset securities” that fell beneath the SEC’s purview.
“We believe that, in some circumstances, delisting an asset best protects our community from undue risk,” mentioned Binance.US. “We operate in a rapidly evolving industry and our listing and delisting processes are designed to be responsive to market and regulatory developments.”
Important discover from #BinanceUS relating to Amp (AMP)
Learn extra: https://t.co/b8qaeDEORS pic.twitter.com/vqHdvBVHAw
— Binance.US (@BinanceUS) August 1, 2022
According to Binance.US, AMP is the one token of the 9 talked about within the SEC grievance out there for buying and selling on the platform. The alternate added buying and selling of AMP “may resume at some point in the future,” however didn’t present a date. Other crypto exchanges and firms itemizing the token in addition to Powerledger (POWR), Kromatika (KROM), DFX Finance (DFX), Rally (RLY), Rari Governance Token (RGT), DerivaDAO (DDX), LCX and XYO may additionally face scrutiny 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 critical and urgent it is that regulators work together,” said Caroline Pham, commissioner for the U.S. Commodity Futures Trading Commission, in response to the SEC case.
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At the time of publication, the price of AMP had fallen roughly 6% in the last 24 hours to reach $0.00874, according to data from CoinMarketCap. However, the RGT price surged more than 55% to reach a new all-time high of $7.83.