Binance is also pausing its over-the-counter (OTC) trading gateway services in the US. The exchange said it would notify users if and when the portal opens in the coming weeks and months.
The US arm of top cryptocurrency exchange Binance has removed 10 advanced trading pairs from its platform. in advertisement, the exchange said that it will dump select high-end trading pairs of BTC and BUSD by 9 AM PDT on June 8, 2023. Notably, the company earlier planned to dump over 100 crypto assets. The initial decision was supposed to affect advanced trading pairs USDT, BTC, and BUSD for digital assets such as Bitcoin Cash, Uniswap, and others. According to a previous cryptocurrency breakdown provided by Binance, 95 assets are paired with USDT. In addition, eight cryptocurrencies are paired with BTC, while two are paired with BUSD. However, US Binance updated the press release, noting:
“Following community feedback, Binance.US will no longer remove any USDT Advanced Trading pairs. All cryptocurrencies and USDT pairs remain available for trading. Only BTC and BUSD Advanced Trading pairs will be removed below.”
Binance cancels certain trading pairs
The affected Bitcoin trading pairs are ATOM/BTC, BCH/BTC, DOT/BTC, LRC/BTC, MANA/BTC, UNI/BTC, VET/BTC, and XTZ/BTC. On the other hand, Binance US has suspended the following advanced trading pairs of BUSD: HBAR/BUSD and ONE/BUSD.
As Binance US eliminates specific trading pairs, it also streamlines the offers to buy, sell and transfer. The updated maximum buy, sell and confidentiality order limit is $10,000. Also, Binance is pausing its over-the-counter (OTC) trading gateway services in the US. The exchange said it would notify users if and when the portal would open in the coming weeks and months.
The decision regarding advanced trading pairs for Binance US came shortly after the SEC criticized the exchange with a lawsuit. On June 5, the commission filed a lawsuit against the US exchange Binance and CEO Changpeng Zhao over unregistered securities operations. According to the lawsuit filed in the District of Columbia court, Binance failed to register as a stock exchange and operated illegally in the United States. There were 13 charges against Binance, including staking software, BNB and BUSD token sales, Simple Earn products, and BNB Vault. The US regulator added that Binance and the other defendants endanger investors while enriching their own pockets. Furthermore, the SEC alleged that Binance and its US legal entity BAM Trading did not register Binance US as an exchange broker and clearing agency. Supreme Education Council books:
“The Defendants engaged in numerous unrecorded offers and sales of crypto-asset securities and other investment schemes. Defendants BAM Trading and BAM Management defrauded stock, individual and institutional investors over monitoring and alleged controls over manipulative trading on the Binance.US platform, which were in fact unacceptable. actually exist.”
About 24 hours after the attack on Binance, the SEC also went after Coinbase, citing similar allegations.
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Ibukun is a crypto/financial writer interested in passing on relevant information, using uncomplicated words to reach all types of audiences. Apart from writing, she loves watching movies, cooking, and exploring restaurants in the city of Lagos where she is staying.