Binance.US supports “responsible” regulation of digital assets by state and federal officials and is “committed to transparency and consumer education,” explains the world’s largest crypto exchange. The statement arrived as the entire industry reviewed claims by the SEC that Coinbase (NASDAQ:COIN) had listed digital asset securities – something Coinbase refuted.
Binance.us stated that consistent with these goals, their listing process “includes a Digital Asset Risk Assessment Framework through which [they] examine all digital assets as part of a required due diligence process for all potential listings.”
Once an asset has been listed, the firm also claims that it “conducts regular supplementary reviews, as well as scheduled and event-driven recertifications for all listed assets to ensure they continue to meet our high listings standards.”
For any digital asset that potentially no longer meets these standards, the firm “conducts a more in-depth review and assess whether to delist it.” They believe that, in some circumstances, “delisting an asset best protects [their] community from undue risk.”
Binance.US further noted in a blog post:
“We operate in a rapidly evolving industry and our listing and delisting processes are designed to be responsive to market and regulatory developments. Last week, the Securities and Exchange Commission (SEC) filed securities fraud charges against a former employee of Coinbase, among others. In its suit, the SEC named nine digital assets that it alleges are securities. Of those nine tokens, only Amp (AMP) is listed on the Binance.US platform.”
They added:
“Out of an abundance of caution, we have decided to delist the AMP token from Binance.US, effective August 15, 2022. While trading of AMP may resume at some point in the future on the Binance.US platform, we are taking this step now until more clarity exists around the classification of AMP.”
Accordingly:
- AMP deposits on Binance.US will be “closed on August 15, 2022 at 9:00 p.m. EDT / 6:00 p.m. PDT.”
- The AMP/USD trading pair will be “removed on August 15, 2022 at 11:00 p.m. EDT / 8:00 p.m. PDT.”
- All trade orders will be “automatically removed after trading ceases for the trading pair.”
Binance.US also confirmed that they are “a customer-and compliance-first organization that is committed to working closely with regulators and legislators to build an enduring digital asset ecosystem in which customers can participate with confidence.”
They welcome thoughtful regulation that “increases clarity and trust and allows American innovation and leadership in crypto and its associated technologies to flourish.”
They hope that bipartisan legislation that “fully defines what constitutes a digital asset and designates a formal regulator for the industry moves forward in the House and Senate.”
They added that increased regulatory clarity “will benefit everyone in the industry, most especially customers who continue to be impacted by a rapidly changing environment.”