US company Binance removes AMP cryptocurrency from circulation after being referred to by SEC
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Answer US company Binance removes AMP cryptocurrency from circulation after being referred to by SEC
revealed The US subsidiary of Binance, a subsidiary of Binance International, announced that it will stop supporting digital currency trading (AMP) on its platform.
The decision comes as a result of a case brought by the SEC accusing Coinbase of insider trading and mentioning AMP coin as a security.
Notably, the SEC has mentioned nine digital tokens in total that are classified as securities.
Of all these nine cryptocurrencies, AMP is the only one available on the Binance US trading platform.
Binance and abide by the rules:
In a recent announcement, Binance said it is committed to:
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Transparency, consumer education and support for regulatory requests issued by monitoring bodies.
The company’s listing process includes a framework for risk assessment of digital assets, a feature that explores whether all digital tokens are listed in accordance with the necessary legal requirements.
Notwithstanding due diligence measures, US Binance operates as a resilient entity that is ready to fulfill the obligations of the SEC.
US Binance reacted quickly and pledged to remove the only coin it supports from the coins mentioned in the SEC case, the AMP cryptocurrency.
As of August 15, users will not be able to buy or sell AMP digital currency on the US Binance platform.
This move is not final as Binance revealed that it may bring the coin back into circulation if there is more clarity about its rating.
The write-off negatively affected the price of the AMP cryptocurrency.
Currently, the AMP cryptocurrency is trading at $0.0082, which is an 8% decrease compared to yesterday’s figures.
The market capitalization of the digital currency AMP is over $346 million (according to CoinMarketCap data).
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