Binance.US, in response to the complaint filed by the U.S. Securities and Exchange Commission (SEC) on Monday, has announced that it will remove specific trading pairs and suspend its Over The Counter (OTC) Trading Portal. These actions will take effect on June 8 and will impact some USDT, BTC, and BUSD Advanced Trading pairs.
Binance.US indicated that after careful consideration, it decided to delist some trading pairs and suspend the OTC Trading Portal. The company will also streamline its Buy, Sell & Convert offering, and only support Convert trading pairs for 226 assets.
Binance.US Delists Some Trading Pairs
The affected Advanced Trading pairs include a variety of cryptocurrencies such as AAVE, ANT, BAL, BAT, BCH, COMP, and others. Additionally, BTC trading pairs for ATOM, BCH, DOT, LRC, MANA, UNI, VET, and XTZ will be removed, and BUSD trading pairs for HBAR and ONE will be delisted.
Binance.US has stated that the Buy, Sell & Convert offering will still be available for 20 assets, including USDT, USDC, BNB, ETH, BTC, FET, ATOM, APT, MATIC, LTC, DOGE, SHIB, FTM, APE, SOL, LINK, ADA, DOT, GALA, AVAX, and USD.
In addition, Binance.US has suspended its OTC Trading Portal services, but it assured its users that their assets are safe and secure. Deposits and withdrawals for all assets remain available, along with trade functionality for all impacted assets, except for delisted trading pairs.
Binance.US advises its users to review their trades carefully and execute or cancel open orders on impacted Advanced Trading pairs before they are taken off the platform. The company has also indicated that it will inform users if and when OTC trading resumes.
The delisting of trading pairs by a cryptocurrency exchange may have both positive and negative impacts. In the short term, the delisting of trading pairs may result in a decrease in trading volume as users get used to the changes. This could result in a temporary decrease in revenue for Binance.US.
For Binance.US, the delisting of specific trading pairs might be linked to the SEC’s recent complaint. Binance.US may be taking necessary precautions to comply with regulatory requirements and minimize the risk of further regulatory action.
Featured image from Unsplash, chart from TradingView.com
