Binance.US to delist Flexa’s AMP after SEC security classification Binance.US to delist Flexa’s AMP after SEC security classification
SEC Chairman Gary Gensler urged crypto exchanges to operate according to securities law, as they can't be treated differently because of their technology.
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Updated: Aug. 2, 2022 at 3:50 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance.US will delist Flexa’s AMP token on Aug. 15 after the U.S. Securities and Exchange Commission deemed the token a security.
The exchange said it is carrying out this action “out of an abundance of caution.”
We operate in a rapidly evolving industry, and our listing and delisting processes are designed to be responsive to market and regulatory developments.
The exchange added that the token would remain delisted until “more clarity exists around the classification.”
With the delisting, AMP deposits on Binance.US will close, and the AMP/USD trading pair will also be removed. In addition, it intends to remove all trade orders after trading ceases for the pair.
SEC urges crypto exchanges to operate according to securities law
SEC Chairman Gary Gensler in a video shared on Twitter urged crypto exchanges to operate according to securities law, as they can’t be treated differently because of their technology.
We have rules in our capital markets to safeguard market integrity & protect against fraud & manipulation. If a company builds a crypto market that protects investors & meets the standard of our market regulations, people will more likely have greater confidence in that market. pic.twitter.com/ZxdBfvmqXP
— Gary Gensler (@GaryGensler) July 28, 2022
Gensler also said the commission was working towards delineating crypto tokens that might be securities.
The commission had recently classified seven crypto assets on Coinbase as unregistered securities. AMP is one of the tokens and the only one listed on Binance.US.
Coinbase has denied these accusations, categorically stating that it does not list securities.
However, the SEC is investigating Coinbase for letting US residents trade assets that it considers unregistered securities.
Meanwhile, AMP’s value has dropped by 9.6% in the last 24 hours and now trades at $0.0824, according to CryptoSlate data.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Amp is a decentralized collateral token, built on Ethereum, that enables instant transactions with digital assets.
Binance.US
Binance.US will provide secure and reliable cryptocurrency trading to users in the United States.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
