​COTI suspends the gCOTI exchange after the token was included in the list of securities

What’s new? The team of the COTI payment platform announced that it has temporarily suspended its gCOTI exchange service after the native token COTI was added to the US Securities and Exchange Commission’s (SEC) list of securities. The company awaits clarity around the situation with the SEC’s lawsuits against crypto exchanges Binance and Coinbase to resume operations further.

gCOTI update: 1/2 In light of recent events, we have decided to temporarily suspend the gCOTI exchange campaign until we have more clarity. We are moving forward, as planned, with the gCOTI community campaign, which will be announced shortly. — COTI (@COTInetwork) June 11, 2023

What else did the developers say? COTI stressed that the decision to suspend operations was a deliberate one that was in line with the company’s approach.

“In light of recent events, we have decided to temporarily suspend the gCOTI exchange campaign until we have more clarity. We are moving forward, as planned, with the gCOTI community campaign, which will be announced shortly. Additionally, we remain on track with gCOTI’s initial utility: the APY boost on the Treasury app,” the team wrote on Twitter.

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Подробно рассказываем о последних действиях Комиссии по ценным бумагам и биржам США, которые оказали значительное влияние на крипторынок

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Crypto.com exchange took similar action amid the uncertainty of cryptocurrency regulation. Representatives of the platform announced that they will suspend exchange services for institutional customers in the United States starting June 21, 2023.

About COTI. It is a decentralized payment platform for instant transactions. COTI uses a type of DAG distributed ledger that provides continuous scalability and network throughput of up to 100 000 transactions per second (TPS).

What is known about the lawsuits? The SEC filed lawsuits against Binance and Coinbase on June 5 and June 6, respectively. In addition to accusations of operating without registration, the regulator classified the following tokens on blockchains with a Proof-of-Stake (PoS) consensus blockchain traded on platforms as unregistered securities: SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, NEXO, ATOM, MANA, ALGO, AXS, and COTI.