Binance US removes some trading pairs due to SEC allegations.

The US branch of the popular cryptocurrency exchange Binance has decided to remove 10 advanced trading pairs from its platform. In a statement, the exchange stated that it will discontinue select BTC and BUSD Advanced Trading pairs by 9 am PDT on June 8, 2023. However, the company had initially planned to remove over 100 cryptocurrencies. The original decision was set to affect USDT, BTC, and BUSD advanced trading pairs for digital assets such as Bitcoin Cash, Uniswap, among others. According to Binance’s list, 95 assets were paired with USDT. Additionally, 8 cryptocurrencies were paired with BTC, while 2 were paired with BUSD. However, Binance US updated the press release to state:

“Following feedback from the community, Binance.US will no longer remove any USDT Advanced Trading pairs. All cryptocurrencies and USDT pairs remain available to trade. Only select BTC and BUSD Advanced Trading pairs below will be removed.”

Binance Eliminates Selected 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 is halting the following BUSD Advanced Trading pairs: HBAR/BUSD and ONE/BUSD.

As Binance US gets rid of the selected trading pairs, it is also streamlining its Buy, Sell & Convert offering. The updated maximum order for Buy, Sell & Covert is $10,000. Additionally, Binance is pausing its OTC Trading Portal services in the US. The exchange announced that it would notify users if and when the portal opens in the coming weeks and months.

The decision to remove advanced trading pairs from Binance US came shortly after the SEC filed a lawsuit against the exchange. On June 5, the Commission sued Binance, its US platform, and CEO Changpeng Zhao over unregistered securities operations. According to the lawsuit filed in the District Court for the District of Columbia, Binance failed to register as a securities exchange and operated illegally in the US. The lawsuit included 13 charges against Binance, including its staking program, sales of BNB and BUSD tokens, and the Simple Earn and BNB Vault products. The US regulator also stated that Binance and other defendants put investors at risk while enriching their own pockets. Furthermore, the SEC claimed that Binance and its US legal entity BAM Trading did not register Binance US as an exchange broker and clearing agency. The SEC wrote:

“Defendants have engaged in multiple unregistered offers and sales of crypto asset securities and other investment schemes. Defendants BAM Trading and BAM Management defrauded equity, retail and institutional investors about purported surveillance and controls over manipulative trading on the Binance.US Platform, which were in fact virtually non-existent.”

About 24 hours after the SEC filed the lawsuit against Binance, it also went after blockchain, citing similar allegations.

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