The American branch of the largest cryptocurrency exchange in the world announced that it has removed the AMP token as a precaution: until there is more clarity in the classification of this asset.
A subsidiary of Binance has announced that it will stop trading the company’s Flexa token after the US Securities and Exchange Commission (SEC) designated the asset as a security. The company announced this on its blog, adding that the crypto exchange has adjusted the listing and delisting processes in such a way as to quickly respond to such decisions.
Effective August 15, the exchange is delisting AMP, but has announced that the measure may be temporary. While the company is waiting for more clarity regarding the classification of the token.
AMP is a collateral token that offers instant and verifiable guarantees for applications. It has lost over 9% in the past 24 hours and is currently trading at a weekly low of $0.0082, according to CoinMarketCap.
Earlier, the SEC began a review of the Coinbase cryptocurrency exchange. Reportedly, the purpose of the SEC is to determine if there are tokens that are securities on the Conbase site. If any are found, the consequences for the site can be extremely negative. The Commission suspects that there are nine crypto assets on Coinbase that are unregistered securities. Of these nine tokens, only AMP is also traded on the Binance.US platform.
Pennsylvania Senator Patrick Toomey said last week that current SEC standards are causing multibillion-dollar losses for US investors and stifling financial innovation.
Source: Bits
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