By
Tolu Ajiboye
April 19th, 2024
Following the news, the price of AMP immediately responded and went nose-diving.
US-based crypto exchange Binance.US has revealed its plans to de-list the AMP token and halt all trading involving it by August 15. The cautionary move follows after the US Securities and Exchange Commission (SEC) made some bold claims in July’s insider trading case against Coinbase‘s former top executive. At the time, the SEC listed nine cryptocurrencies that it considers “crypto asset securities.” And of those nine, AMP is the only one listed on the platform of Binance.US.
The other tokens listed as securities include: Kromatika (KROM), Rally (RLY), Powerledger (POWR), DFX Finance (DFX), DerivaDAO (DDX), Rari Governance Token (RGT), XYO, and LCX.
Binance.US Aims to Protect Its Community
Although the exchange does not rule out the possibility of resuming AMP trading at some point in the future, Binance.US claims in a Monday blog post that its move is mainly about its community of users. Part of the statement reads:
“We believe that, in some circumstances, delisting an asset best protects our community from undue risk.”
Explaining further, the exchange states that it is only necessary that it moves with the trends, just as required by the fast-paced evolution of the crypto industry. And if it is to achieve this, then the platform’s listing and de-listing processes must reflect the ever-changing regulatory developments.
AMP Price Falls
Following the news, the price of AMP immediately responded and went nose-diving. As of press time, AMP is down by over 8% in the last 24 hours, per CoinMarketCap data. It currently trades at $0.008403. This is particularly interesting as another token out of the nine – the RGT, is currently at its all-time high. RGT surged 55% to reach a new ATH of $7.83.
There is no gainsaying that the move by BinanceUS is a necessary one. At least, till there’s more clarity around the classification of AMP. Also, should the SEC decide to pursue enforcement actions against erring exchanges, then a good number of firms and exchanges that still has AMP and other cryptocurrencies mentioned by the regulator, listed, may be in trouble.