Binance.US pauses OTC trading, delists 90 trading pairs
In response to the recent complaint lodged by the U.S. Securities and Exchange Commission (SEC), Binance.US paused its over-the-counter trading portal and delisted several crypto tokens. The exchange, however, assures its users that deposits and withdrawals will continue to be available during this period.
The pause impacts more than 90 trading pairs involving the stablecoin Tether (USDT). Additionally, eight Bitcoin (BTC) trading pairs are affected by this suspension, causing a decline in their respective ticker values.
Among other impacted Advanced Trading pairs are AAVE, ANT, BAL, BAT, BCH, COMP, and several others. Additionally, BTC trading pairs for ATOM, BCH, DOT, LRC, MANA, UNI, VET, and XTZ will be removed. Furthermore, BUSD trading pairs for HBAR and ONE will also be delisted.
“After careful consideration, Binance.US will remove selected Advanced Trading pairs on June 8, 2023 at 9 a.m. PDT / 12 p.m. EDT. We have also decided to streamline our Buy, Sell & Convert offering and have paused our OTC Trading Portal,” Binance.US said in a blog post.
Binance.US also will streamline its Buy, Sell & Convert feature by reducing the supported Convert trading pairs to 226. Despite these changes, the exchange will continue to support 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.
Earlier in April, the American outpost of the world’s biggest crypto exchange delisted Tron’s TRX token, possibly out of an abundance of caution to comply with US regulations after recent charges against its founder. Binance US also said it will delist a lesser-known token, called Spell (SPELL), from its trading platform.
The move comes after the SEC has officially sought a restraining order to freeze the assets belonging to Binance in the United States. The filing, submitted to the U.S. District Court for the District of Columbia, was made just a day after the Securities and Exchange Commission initiated a lawsuit against Binance and its CEO Changpeng Zhao.
Binance.US has stated that it considers the lawsuit filed against it to be baseless, and as a result, the exchange is prepared to defend itself in court and challenge all of the unfounded allegations. Binance.US asserts that, based on the available facts, the applicable law, and previous actions by the SEC, the regulator’s complaint lacks justification.
Following the enforcement action, investors have reportedly withdrawn roughly $1.43 billion from Binance and its U.S. affiliate. According to data provided by Nansen, Binance experienced net outflows of $1.34 billion worth of crypto tokens on the Ethereum blockchain. Additionally, its US offshoot, Binance.US, recorded net outflows of $70.8 million.
