cryptocurrency

Binance to avoid Amp due to potential security rating

Binance.US – the US division of Binance, arguably the largest and most popular cryptocurrency exchange in the world – has Remove the Amp . icon Given that the Securities and Exchange Commission (SEC) sees the asset as a potential security. Binance does not want to get into the midst of a massive legal battle and appears to be removing the token from its listings altogether.

Binance Says ‘No’ to the Amp

There has been growing concern lately about the state of some tokens given to agencies like the Securities and Exchange Commission and the Commodity Futures Trading Commission (CFTC) and they have turned their eyes very hard to the growing crypto space. Not long ago, it was announced that Coinbase – one of the largest cryptocurrency exchanges in the US – was the subject of a new SEC-based investigation because the agency believed the company was listing potential securities without properly registering them with the authorities.

At the time of writing, Coinbase was (naturally) denying any wrongdoing. The company’s Paul Grewal responded to the latest allegations with a blog post and wrote on the exchange’s website:

We agree with Commissioner Pham and respectfully do not agree 100 percent with the SEC’s decision to file these securities fraud charges and the substance of the charges themselves. Coinbase does not list securities on its platform. a period.

His argument was that Coinbase has a very strict audit process for its listings, which have been overseen and approved by the SEC in the past, and that the exchange has never listed any token that it considers a security.

However, it seems that Binance has taken hold of this position and is not taking any chances. Binance is a file Separate topic SEC Investigate and most likely not only want to lubricate the wheels by proxy, but probably not want to fan more flames. In a blog post a few weeks ago, Binance stated:

We operate in a rapidly evolving industry, and our listings and delistings are designed to respond to market and regulatory developments.

The company clarified that while it is open to listing Amp again in the future, more research needs to be done on the token’s qualities and technical characteristics so that it can be appropriately categorized.

Coinbase is facing heaps of problems

Aside from the ongoing SEC investigation, Coinbase is also facing problems stemming from a situation involving a longtime CEO who allegedly engaged in insider trading practices. It is believed that upon learning that Coinbase was in the process of listing specific assets, this former employee shared the data with his personal contacts, allowing them to purchase assets on other platforms before their own listings on Coinbase.

Coinbase listings drove up coin prices, allowing individuals to generate a large amount of revenue.

Tags: AMP, Binance, coinbase

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