Binance.US Reacts to SEC Claims | Flexa’s AMP Token Classified as Security

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Amp (AMP) Token Delisted by Binance U.S Following SEC Claims
  • Binance’s U.S. affiliate declared that it will halt trading in the AMP token.
  • Only Amp (AMP) is available on the Binance.US platform out of the nine claimed.

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Binance’s U.S. affiliate announced that it would cease trading in Flexa’s AMP token after the Securities and Exchange Commission (SEC) classified it as a security.

Binance US said 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.”

For this reason, the exchange has announced that it would delist AMP from August 15, saying that it is “taking this step now until more clarity exists around the classification.” According to a report last week, the SEC is looking into whether or not the world’s biggest crypto exchange Coinbase allowed U.S. citizens to trade digital assets that should have been registered as securities.

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Clear Guidelines Required to Avoid Confusion

A report from the Securities and Exchange Commission said that Coinbase had listed nine cryptocurrencies that were unregistered securities; among the nine tokens, only Amp (AMP) is available on the Binance.US platform, as per Binance. As previously reported by SEC, a former employee of Coinbase was charged with insider trading after the agency decided that nine tokens implicated in the case “hallmarks of the definition of a security.”

The Securities and Exchange Commission (SEC) classified nine assets as securities, including AMP, which it describes as a collateral token that offers rapid, verifiable guarantees for real-world applications. SEC Chairman Gary Gensler suggested last week that cryptocurrency exchanges should be regulated in the same way as regular securities exchanges.

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Gary stated:

“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.”

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