Binance, one of the world’s leading crypto exchanges, is taking action in response to recent allegations from the United States Securities and Exchange Commission (SEC).
Binance US, the US arm of the exchange, has announced the removal of 10 advanced trading pairs from its platform.
This move comes shortly after the SEC filed a lawsuit against Binance, accusing the exchange of operating illegally and failing to register as a securities exchange.
Alongside the trading pair removals, Binance US is streamlining its Buy, Sell & Convert offering and pausing its OTC Trading Portal services in the US.
Binance US has made the decision to remove 10 advanced trading pairs from its platform. The affected pairs include several Bitcoin (BTC) trading pairs, such as ATOM/BTC, BCH/BTC, DOT/BTC, LRC/BTC, MANA/BTC, UNI/BTC, VET/BTC, and XTZ/BTC.
Additionally, two BUSD (Binance USD) advanced trading pairs, HBAR/BUSD and ONE/BUSD, will also be halted. The removal of these pairs is part of Binance US’s efforts to streamline its offerings.
Initially, Binance US had planned to eliminate over 100 crypto assets, including BTC and BUSD advanced trading pairs. However, following community feedback, the exchange revised its decision.
As a result, only select BTC and BUSD advanced trading pairs will be removed, while all cryptocurrencies and USDT (Tether) pairs will remain available for trading. This update aims to address concerns raised by the community regarding the removal of USDT trading pairs.
Streamlining Buy, Sell & Convert Offering: In addition to the trading pair removals, Binance US is streamlining its Buy, Sell & Convert offering.
The maximum order for this service has been updated to $10,000. By optimizing this feature, Binance US aims to enhance the user experience and provide a more streamlined trading process for its customers.
Binance US has also decided to temporarily pause its OTC (Over-The-Counter) Trading Portal services in the US. OTC trading involves the direct buying and selling of cryptocurrencies between parties, often facilitating large-volume trades.
Binance US will notify users when the OTC Trading Portal reopens in the coming weeks and months. This pause may be related to the ongoing regulatory situation and the need to ensure compliance with applicable laws and regulations.
The decision to remove selected trading pairs follows the recent SEC lawsuit against Binance, its US platform, and CEO Changpeng Zhao.
The SEC accuses Binance of operating illegally and failing to register as a securities exchange. The lawsuit alleges multiple unregistered offers and sales of crypto asset securities and other investment schemes.
The SEC also claims that Binance misled investors about surveillance and controls over manipulative trading on the Binance.US platform.
