Binance.US will remove 10 trading pairs and suspend OTC trading
According to the platform’s representatives, this was done “following community feedback.”
08.06.2023 - 07:25
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What’s new? Following the lawsuit from the US Securities and Exchange Commission (SEC), representatives of the US arm of the crypto exchange Binance have decided to remove 10 trading pairs and suspend trading on the over-the-counter (OTC) market. As noted in the blog, the delisting is “following community feedback” and will only affect some bitcoin and Binance USD (BUSD) stablecoin pairs in extended trading.
Which pairs will be removed from the platform? Starting June 8, 16:00 UTC, ATOM/BTC, BCH/BTC, DOT/BTC, LRC/BTC, MANA/BTC, UNI/BTC, VET/BTC, XTZ/BTC, HBAR/BUSD, and ONE/BUSD pairs will stop trading on the exchange. The platform will also stop over-the-counter transactions. Binance emphasized that deposits and withdrawals will proceed as usual.
Binance.US will also streamline its buy, sell and convert offerings, reducing the number of supported pairs for conversion to 226. The maximum order amount for purchase, sale, and conversion will be $100 000.
The platform’s representatives urged users to check their trades and execute/cancel orders on impacted pairs before they are removed from Binance.US.
Binance and the SEC. On June 5, the regulator accused Binance and its CEO Changpeng Zhao of operating the exchange without registration, overstating trading volumes, using customer assets at its own discretion, and placing unregistered securities. Some PoS tokens, including ADA, MATIC, and SOL, are attributed to them in the lawsuit.
SEC chair compares the business models of Binance and the bankrupt FTX
Members of the crypto community pointed out that despite Gary Gensler’s statement, the regulator did not sue FTX
The SEC later obtained the court order freezing Binance.US’s assets and customer funds to protect them and later recover them as part of the proceedings. In total, Binance.US earned $410 million since launching in 2019, according to the financial report.
On June 26, global exchange Binance will remove anonymous cryptocurrencies for users in France, Italy, Spain, and Poland due to local legal requirements. The innovations will affect 12 assets: DASH, ZEC, XMR, DCR, ZEN, PIVX, NAV, SCRT, XVG, FIRO, BEAM, and MOB.
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