Binance.US Halts OTC Trading Portal, Delists Pairs Amid SEC Lawsuit

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Key Takeaways:

  • Binance.US will delist roughly one-third of its present trading pairs.
  • The company will also suspend its OTC Trading Portal.
  • The move comes just two days after the SEC filed a lawsuit against Binance. 

In a significant turn of events, Binance.US, one of the leading cryptocurrency exchanges in the United States, has made the decision to pause its Over-the-Counter (OTC) trading portal and delist certain trading pairs. 

This unexpected move comes amidst an ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), raising concerns and sparking discussions within the cryptocurrency community.

Binance.US issued a statement on June 7th announcing the elimination of various trading pairings, many of which are popular coins. The new policy will take effect on Thursday, June 8.

As part of the delisting process, a wide range of cryptocurrencies will be affected. These include AAVE, ANT, BAL, BAT, BCH, COMP, and several others. Additionally, Bitcoin (BTC) trading pairs for ATOM, BCH, DOT, LRC, MANA, UNI, VET, and XTZ will be removed from the exchange. BUSD trading pairs for HBAR and ONE will also be delisted.

However, amidst these changes, Binance.US will continue to offer its Buy, Sell & Convert feature for a selection of 20 assets. These assets include popular cryptocurrencies such as USDT, USDC, BNB, ETH, BTC, FET, ATOM, APT, MATIC, LTC, DOGE, SHIB, FTM, APE, SOL, LINK, ADA, DOT, GALA, AVAX, and USD. 

Users will still have the ability to engage in transactions involving these assets, providing them with continued options for buying, selling, and converting within the Binance.US platform.

This adjustment in trading pairs aims to streamline operations and potentially align with regulatory requirements. By focusing on a more limited set of assets, Binance.US can better ensure compliance and provide a more secure and transparent trading environment for its users.

On June 7, following the SEC’s lawsuit against Binance for alleged unregistered securities operations, the United States district court in Washington, D.C. issued a summons for Binance CEO Changpeng Zhao. The summons served as a notification to Zhao that a lawsuit had been filed against him in relation to the allegations made by the SEC. 

This legal development adds to the ongoing speculations surrounding the delisting of trading pairs and the temporary halt of Binance.US’s OTC trading portal. 

The summons further emphasizes the regulatory challenges faced by Binance and its key personnel in the United States and highlights the increasing scrutiny on the cryptocurrency industry by regulatory authorities.

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Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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