coinspress.com
Binance.US recently made significant changes following legal action by the US Securities and Exchange Commission (SEC).
Over 40 trading pairs have been delisted, and the OTC trading portal has been temporarily paused due to the complaint filed against Binance and its CEO, Changpeng Zhao.
The complaint, which included more than 13 charges, accused the exchange of mishandling customer funds and providing false information to investors and regulators. Binance.US’s actions appear to be aimed at achieving compliance in response to the allegations.
This recent development has disrupted the digital asset industry, as two major cryptocurrency exchanges have come under scrutiny from US regulators. Enforcement action has been taken in response to alleged violations of US securities laws. Binance.US, as one of the affected entities, is now taking steps to address the situation.
In response to the SEC charges, Binance.US removed over 40 trading pairs from its platform and temporarily halted its OTC trading portal, both implemented after the complaint was filed. However, the exchange has clarified that its deposit and withdrawal functions operate normally.
READ MORE: Ark Invest Boosts Coinbase Holdings Amid SEC Lawsuit
These changes have affected numerous cryptocurrencies, including AAVE, ANT, BAL, COMP, and several Bitcoin (BTC) trading pairs, such as VET, LRC, and MANA.
Furthermore, Binance.US has adjusted its Buy, Sell, and Convert service, reducing the number of supported trading pairs. The updated offering now supports 20 assets, including cryptocurrencies like USDT and BNB.
The company has assured users that they will be notified when the OTC trading portal becomes operational again. Additionally, court filings related to the complaint have revealed that the exchange incurred a loss of $181 million in 2022.