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The US arm of crypto exchange Binance removed Amp (AMP) on its platform as federal regulators claim that the Ethereum (ETH) token is an unregistered security.
In a new statement, the exchange says that out of an abundance of caution, it will stop supporting the native token of the AMP blockchain effective August 15th.
 
Binance says that it considers market and regulatory developments in its listing and delisting processes and assets that potentially no longer meet its listing standards go through in-depth review and assessment.
“We believe that, in some circumstances, delisting an asset best protects our community from undue risk.
While trading of AMP may resume at some point in the future on the Binance.US platform, we are taking this step now until more clarity exists around the classification of AMP.”
The decision comes after the U.S. Securities and Exchange Commission (SEC) declared that AMP is an unregistered security.
In its complaint against a former Coinbase employee accused of insider trading, the SEC says that AMP, along with eight other digital tokens, namely Rally (RLY), DerivaDEX (DDX), XYO (XYO), Rari Governance Token (RGT), LCX (LCX), Powerledger (POWR), DFX Finance (DFX), and Kromatika (KROM), all have the hallmarks of the definition of a security.
“A digital token or crypto asset is a crypto asset security if it meets the definition of a security, which the Securities Act defines to include “investment contract,” i.e., if it constitutes an investment of money, in a common enterprise, with a reasonable expectation of profit derived from the efforts of others. 
As described in greater detail below, during the relevant period, Ishan provided material, nonpublic information about, and Nikhil and Ramani traded in, at least nine crypto asset securities that meet this definition.”
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The post Binance Delists Ethereum-Based Token After SEC Declares It an Unregistered Security in Coinbase Complaint appeared first on The Daily Hodl.


The US arm of crypto exchange Binance removed Amp (AMP) on its platform as federal regulators claim that the Ethereum (ETH) token is an unregistered security. In a new statement, the exchange says that out of an abundance of caution, it will stop supporting the native token of the AMP blockchain ...

dailyhodl.com

Binance Delists Ethereum-Based Token After SEC Declares It an Unregistered Security in Coinbase Complaint

The largest crypto exchange by trading volume, Binance, announced in its official blog post on Monday that its U.S  subsidiary exchange would delist Flexa’s AMP token “out of an abundance of caution.” And this move will come into effect on August 15 as the platform is waiting for regulatory clarity.
Since Binance U.S. published the announcement, AMP has been decreasing its value. At the timing of writing, AMP is down nearly 10% in the last 24 hours while it decreased 93% from its all-time high of June 2021. The token currently trades at $0.0082. Its total market cap has now reached $358 million.

Last month, in a legal dispute against Coinbase’s former employee and his two alleged accomplices, U.S Securities and Exchange Commission (SEC), classified nine tokens as securities, and AMP is one of them. So, to prevent any legal dispute with U.S authorities, Binance U.S. decided to remove the token. Notably, it is the only one removed from the platform.
In accordance with the implied rules in the state, operating security assets need higher protection for users. That’s why exchanges promoting these assets could be forced to register with the SEC. 
While commenting on the SEC’s probe with Coinbase, crypto exchange Binance added in a blog post:
We operate in a rapidly evolving industry, and our listing and delisting processes are designed to be responsive to market and regulatory developments. Out of an abundance of caution, we have decided to delist the AMP token from Binance.US, effective August 15, 2022.
AMPUSD price currently fluctuates around $0.008380. | Source: AMPUSDT from TradingView.com
Binance Delists AMP Voluntarily To Oblige SEC
In addition, Binance added that meeting the regulatory framework requirements is the platform’s first priority to make investors join confidently. However, It further highlighted that it remains to see how authorities treat AMP; trading of the token may resume in the future at any point in time.
Notably, AMP will be unavailable only on Binance’s subsidiary in the U.S., users can trade AMP on other platforms.
On the other hand, Coinbase has refuted the SEC’s claims of trading unregistered securities. Paul Grewal, the company’s chief legal officer, said in response to the SEC’s probe;
We are confident that our rigorous diligence process―a process the SEC has already reviewed―keeps securities off our platform, and we look forward to engaging with the SEC on the matter.

AMP is the native token of Amp blockchain designed to secure and fasten the transfers of cryptocurrencies by working as a collateralized token. Widely being used in Bitcoin and Ethereum networks, Amp provides AMP tokens to the users that are liquidated whenever a transaction takes too long or becomes unsuccessful.
Featured image from Pixabay and chart from TradingView.com


The largest crypto exchange by trading volume, Binance, announced in its official blog post on Monday that its U.S  subsidiary exchange would delist Flexa&#8217;s AMP token &#8220;out of an abundance of caution.&#8221; And this move will come into effect on August 15 as the platform is waiting fo...

bitcoinist.com

U.S. Binance Decides To Remove AMP Token As SEC Called It A Security

The American subsidiary of the world’s leading cryptocurrency exchange – Binance US – disclosed it will no longer support the Amp token (AMP) on its platform. The decision comes as a result of the US Securities and Exchange Commission’s recent insider-trading case, which identified the asset as a security.
The financial regulator named nine tokens in total that classify as such. AMP, though, is the only one among those that Binance US provides access to.
Abiding By the Rules
In a recent announcement, the trading venue said it is committed to “transparency and consumer education” and supports the regulatory requests issued by the watchdogs. The company’s listing process includes a Digital Asset Risk Assessment Framework – a feature that explores whether all tokens are listed according to necessary law requirements.
Despite its due diligence procedure, Binance US operates as a flexible entity ready to satisfy the SEC’s obligations. Last week, the agency filed fraud charges of insider trading against the former manager at Coinbase – Ishan Wahi. Additionally, the regulator identified nine tokens listed by the exchange as securities.
Binance US was quick to react and vowed to delist the only coin it supports from that club – AMP. Effective from August 15, users will no longer be able to buy or sell it. The step is not final since the firm revealed it could bring back the token “until more clarity exists” around its classification.
The delisting negatively affected AMP’s price. Currently, it trades at $0.008189, which is a 10% decline compared to yesterday’s figures. The token has a market capitalization of over $345 million (according to CoinMarketCap’s data).
Binance and Regulators
The trading venue had to cope with multiple issues with global watchdogs last year. In June 2021, the UK’s Financial Conduct Authority (FCA) issued a warning to Binance that it could not operate in the country the way it was until then:
“Due to the imposition of requirements by the FCA, Binance Markets Limited is not currently permitted to undertake any regulated activities without the prior written consent of the FCA. No other entity in the Binance Group holds any form of UK authorization, registration or license to conduct a regulated activity in the UK.”
Two months later, the company settled its problems with the agency, complying with “all aspects of its requirements.”
Apart from the UK, Binance struggled with issues in Italy, Germany, the Netherlands, and South Africa. Due to these hurdles, CEO Changpeng Zhao assured that the organization will part with its decentralization principles:
“When we first started, we wanted to embrace the decentralized principles, no headquarters, work all around the world, no borders. It’s very clear now to run a centralized exchange, you need a centralized, legal entity structure behind it.”
The firm also started looking to expand its global operations in different locations. Over the past few months, France, Italy, and Germany gave their nod to it to offer crypto products and services to residents of those nations.


Binance US will follow the SEC's recommendations and halt all operations with AMP starting from August 15.

Amp price	$0.00837
Low - High 24H	$0.008324 - $0.008496
Market cap	$635.97M
Volume 24H	$7.54M
All time high	$0.120813 -93.07% June 16th 2021
All time low	$0.002505 234.07% November 4th 2020
Genesis date	N/A

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