Binance.US eliminated buying and selling providers for a number of crypto tokens on June 7. The transfer follows a lawsuit filed earlier this week by the US Securities and Alternate Fee (SEC) in opposition to Binance entities and their management.
“After cautious consideration, Binance.US will take away chosen Superior Buying and selling pairs on June 8, 2023 at 9 a.m. PDT / 12 p.m. EDT. We’ve got additionally determined to streamline our Purchase, Promote & Convert providing and have paused our OTC Buying and selling Portal,” reads an announcement.
The pause impacts over 90 buying and selling pairs of the stablecoin Tether (USDT), eight Bitcoin (BTC) pairs, and two Binance USD (BUSD) pairs. In keeping with Binance.US, deposits and withdrawals stay obtainable.
Binance.US additionally diminished the variety of supported convert buying and selling pairs. Presently, purchase, promote and convert choices stay obtainable for under USDT, USD Coin (USDC), Binance Coin (BNB), Ethereum (ETH), BTC, Fetch.ai (FET), Cosmos (ATOM), Aptos (APT), Polygon (MATIC), Litecoin (LTC), Dogecoin (DOGE), Shiba Inu (SHIB), Fantom (FTM), ApeCoin (APE), Solana (SOL), Chainlink (LINK), Cardano (ADA), Polkadot (DOT), Gala (GALA), and Avalanche (AVAX).
Conversion for USD will stay obtainable, mentioned the trade. Nevertheless, the utmost commerce quantity for purchase, promote, and convert choices has been up to date to $10,000. Moreover, Binance.US shut down its over-the-counter (OTC) buying and selling platform with out informing when it is going to resume operations.
On June 5, the SEC filed a lawsuit in opposition to Binance for allegedly providing unregistered securities. The U.S. regulator pressed 13 costs in opposition to the trade, together with unregistered presents and gross sales of the BNB and BUSD tokens, the Easy Earn and BNB Vault merchandise, and its staking program.
As well as, the SEC alleges within the swimsuit that Binance didn’t register its Binance.com platform as an trade or a broker-dealer clearing company. Solely a day after submitting the Binance swimsuit, the fee additionally went after Coinbase on related grounds, alleging that common cryptocurrencies supplied by the trade, similar to SOL, MATIC, and The Sandbox (SAND), qualify as securities.