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The AMP token will be delisted by the US-based cryptocurrency exchange Binance.US "out of an excess of caution" regarding potential enforcement by federal regulators. Following the token's mention in legal action from the US Securities and Exchange Commission (SEC), Binance.US said in a blog post on Monday that it will be closing deposits of Amp (AMP) and eliminating the AMP/USD trading pair on August 15. https://twitter.com/BinanceUS/status/1554139809202855941
Cryptocurrencies Fell Outside SEC Jurisdiction
The federal agency asserted that AMP and eight other cryptocurrencies were "crypto asset securities" that fell outside the SEC's jurisdiction in a lawsuit filed in July against a former Coinbase product manager and two different people. Binance.US said,
"We believe that, in some circumstances, delisting an asset best protects our community from undue risk." "We operate in a rapidly evolving industry, and our listing and delisting processes are designed to be responsive to market and regulatory developments."
Of the nine tokens cited in the SEC complaint, AMP is the only one that may be traded on the platform, according to Binance.US. Without a specific timeframe, the exchange said that AMP trading "may restart shortly." If the SEC decides to take enforcement action, the Exchange Commission may also look into other cryptocurrency exchanges and businesses that offer the token, like Powerledger (POWR), Kromatika (KROM), DFX Finance (DFX), Rally (RLY), Rari Governance Token (RGT), DerivaDAO (DDX), LCX, and XYO.