Binance.US Delists Amp Token That SEC Deemed a Security

Binance.US Delists Amp Token That SEC Deemed a Security

Binance.US BNB/USD will delist the AMP AMP/USD token “out of an abundance of caution” after the U.S. Securities and Exchange Commission alleged AMP was a security last month in its insider-trading case against a former employee of the Coinbase crypto exchange and two of his associates, according to a Binance blog post on Monday. The move will be effective on Aug. 15.

In a Monday blog post, Binance.US said it will be closing deposits of Amp (AMP) and removing the AMP/USD trading pair on Aug. 15 following the token's mention in a legal action from the U.S. Securities and Exchange Commission, or SEC. The federal regulator filed a complaint against a former Coinbase product manager and two individuals in July that claimed that AMP and eight other cryptocurrencies were “crypto asset securities” that fell under the SEC’s purview.

“We believe that, in some circumstances, delisting an asset best protects our community from undue risk,” said Binance.US. “We operate in a rapidly evolving industry and our listing and delisting processes are designed to be responsive to market and regulatory developments.”

Binance.US said it won’t resume trading of the Amp token until there’s more clarity around its classification.

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