Binance U.S Removes Over 100 Advanced Trading Pairs and Pauses OTC Trading Portal Amid SEC Legal Pressure
Binance.US has announced the removal of trading services for several crypto tokens, effective June 7. The decision comes in the wake of a recent lawsuit filed by the United States Securities and Exchange Commission (SEC) against Binance entities and their leadership. The exchange has taken this step after careful consideration, emphasizing the importance of maintaining a compliant and secure trading environment.
In an official statement, Binance.US assured users that their assets remain safe and secure on the platform, with deposits and withdrawals functioning normally. While the removal of select Advanced Trading pairs is set to take effect on June 8, trading for all other cryptocurrencies will continue uninterrupted.
The impacted trading pairs for Advanced Trading involve USDT, BTC, and BUSD. Binance.US has decided to streamline its Buy, Sell & Convert offering, resulting in a reduction of supported Convert trading pairs to 226. However, users will still be able to access Buy, Sell & Convert for various assets, including USDT, USDC, BNB, ETH, BTC, FET, ATOM, APT, MATIC, LTC, DOGE, SHIB, FTM, APE, SOL, LINK, ADA, DOT, GALA, AVAX, and now USD for Convert. The maximum trade amount for Buy, Sell & Convert has also been updated to $10,000.
Additionally, Binance.US has temporarily paused its OTC Trading Portal services. The exchange plans to notify users when OTC trading becomes available again in the coming weeks or months.
It is essential for users to carefully review their trades and take necessary action, such as executing or canceling open orders, before the affected Advanced Trading pairs are removed from Binance.US. The exchange has provided detailed information and instructions on their support page to assist users in this process.
Binance.US’s decision to modify its trading services comes amid increased regulatory scrutiny on the cryptocurrency industry, particularly exchanges. The lawsuit filed by the SEC against Binance entities and their leadership has undoubtedly influenced the exchange’s actions, as it seeks to ensure compliance and maintain a robust trading environment.
While these changes may inconvenience some users, they reflect Binance.US’s commitment to transparency, security, and regulatory compliance. The exchange remains steadfast in its efforts to provide a reliable and trustworthy platform for cryptocurrency trading in the United States.
As the cryptocurrency industry continues to evolve and face increasing regulatory challenges, it is crucial for exchanges and traders alike to adapt and embrace responsible practices. Binance.US’s proactive measures demonstrate the significance of staying ahead of regulatory developments while safeguarding user interests.
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