Binance, the largest global day trading exchange announced the delisting of AMP tokens earlier this week in their official blog post. But it should be noted that their US division is carrying out this move following recent events around the U.S. SEC probe on Coinbase offering unregistered securities. As you are already aware from our previous post, Coinbase has been accused by the SEC of its ex-employee being involved in insider trading and part of the assets used in the trading activities were listed as unregistered securities by the US regulator in another separate investigation.
As events surrounding the probe continue to remain in focus, Binance has taken a softer stance over this issue by officially delisting the AMP token in its US market. The blog post from Binance claimed that they are only offering AMP tokens among the nine tokens listed in the SEC probe. The other eight tokens listed in SEC allegations are KROM, POWR, RLY, XYO, LCX, DFX, DDX and RGT. Speaking about this move in their blog, the firm said that trading AMP may resume at some point in future but we will delist the token until more clarity exists around its classification.
While the announcement was made earlier this week, the firm has given its users time to reclaim their funds and reallocate their portfolios. The move to delist AMP will come into effect from August 15, 2022. The deposits for AMP will be closed on August 15, 2022, at 9 PM EDT / 6 PM PDT and AMP/USD trading pair will be removed on the same day at 11 PM EDT / 8 PM PDT. Any active trades that remain active for this pair will automatically be closed at above mentioned time frame if users still fail to complete their open positions.
Given the highly evolving nature of the crypto market and speculative regulatory enforcement issues from regulatory organisations, the firm has designed its listing and delisting process to be responsive to market and regulatory developments. The firm claimed that this move to delist AMP is out of an abundance of caution as they believe such a move best protects the community from undue risk. They also expressed their support for bipartisan legislation which clearly defined what constitutes a digital asset and designation of formal regulator for the industry. And hopes it moves forward in House and Senate as better regulatory clarity will benefit everyone in the industry.
