Binance US, the crypto exchange based in the United States, recently stated that it would be delisting the AMP token out of an abundance of caution of possible enforcement by most federal regulators. In a blog post posted on Monday, the company stated that it would be closing deposits of AMP and also remove the AMP/USD trading pair on the 15th of August- something that would be following the token mention in legal action from the SEC or the United States Securities and Exchange Commission.
The federal regulator also went on to file a complaint against a former product manager of the company. A couple of individuals also claimed that AMP and eight other cryptocurrencies were crypto asset securities that fell straight under the purview of the SEC.
Binance Believes There Is A Major Risk
Binance US went on to state that they believed under some circumstances, the delisting of an asset would definitely protect their community from undue risk. They were currently operating in a rapidly evolving industry, where the listing and the delisting processes were supposed to be designed to respond to market and regulatory developments.
According to the company, AMP was the only token among nine others that were mentioned in the SEC complaint that was available for trading on the platform. Although the exchange did add that the trading of AMP could resume at some point in the near future, they didn’t add a date to it.
Other companies and crypto exchanges that were listed in the token are Kromatika, Powerledger, DFX Finance, Rari Governance Token, Rally, DerivaDAO, and XYO. These companies could also be facing major scrutiny from the SEC if the regulator went on to choose to pursue enforcement actions.
