Binance.US to delist Amp (AMP) after SEC alleged it a security

By:
on Aug 2, 2022
  • Binance.US will delist Amp (AMP) on 15 August, 2022.
  • The crypto exchange says the removal of the token is a result of SEC alleging its a security.
  • The AMP token has traded more than 10% down in the past 24 hours.

Binance.US has announced the delisting of the Amp (AMP), a digital token used in collateralisation of assets, following the US Securities and Exchange Commission (SEC) recent claims that it’s one of nine security tokens in an insider trading case against a former Coinbase employee.

According to Binance.US, the AMP token is the only one out of the nine the SEC says are securities – seven of the nine are listed on crypto exchange Coinbase.

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In its delisting rationale, Binance.US says it’s in response to the “rapidly evolving industry” and that its operations and processes including the listing and delisting of tokens “are designed to be responsive to market and regulatory developments.”

AMP deposits and AMP/USD trading pair will thus be removed from the platform effective 15 August and is a move the exchange has taken “out of an abundance of caution.”

The platform said in a blog post that the decision to delist AMP has been taken pending more clarity about its classification, likely to come as part of the litigation in the insider trading case.

The AMP token is developed by payment platform Flexa Network and Ethereum blockchain software firm ConsenSys, and the AMP/USD pair traded nearly 10% lower on Tuesday morning (ET hours).

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