Binance Delists Ethereum-Based Token After SEC Declares It an Unregistered Security in Coinbase Complaint

The US division of crypto exchange Binance has removed AMP (AMP) from its platform after federal regulators claim the Ethereum (ETH) token is unregistered security.

new statementthe exchange says it will stop supporting native tokens on the AMP blockchain on August 15, out of an abundance of caution.

Binance has said that given market and regulatory developments in the listing and delisting process, assets that may no longer meet listing criteria will undergo a detailed review and evaluation.

In some circumstances, we believe that delisting an asset best protects our community from undue risk.

AMP trading may resume on the Binance.US platform at some point in the future, but we are currently taking this step until AMP’s categorization becomes clearer.

This decision was made after the US Securities and Exchange Commission (SEC) declared AMP to be an unregistered security.

among them Complaint In response to a former Coinbase employee accused of insider trading, the SEC said that AMP will invest in eight other digital tokens, namely Rally (RLY), DerivaDEX (DDX), XYO (XYO), and Rari Governance Token (RGT). , LCX (LCX), along with , Powerledger (POWR), DFX Finance (DFX), and Kromatika (KROM) all have the defining characteristics of securities.

If a digital token or crypto-asset meets the definition of a security that the Securities Act defines as including an investment contract, i.e. if it constitutes an investment of money in a general enterprise , is a crypto asset security. A reasonable expectation of profit from the efforts of others.

As explained in more detail below, during the relevant period, Ishan provided material, non-public information about at least nine cryptocurrency securities that met this definition, and Nikhil and Ramani traded.

Don’t Miss a Beat Subscribe to get encrypted email alerts delivered straight to your inbox

Price action confirmation

Please follow us twitter, Facebook When telegram

Surf The Daily Hodl Mix

Check out the latest news headlines

&nbsp

Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should exercise caution before making risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your money transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/eliahinsomnia/Webuz