Binance US, a cryptocurrency exchange, has announced that it will be removing advanced trading pairs for over 100 crypto assets and pausing its over-the-counter trading portal. The exchange will remove USDT, BTC, and BUSD advanced trading pairs for digital assets such as Bitcoin Cash, Aave, ApeCoin, Uniswap, Zcash, and others. The removal will be effective on June 8th, 2021, by 9 a.m. PDT / 12 p.m. EDT. A breakdown of the removal showed that 95 assets were paired with USDT, eight cryptocurrencies were paired with Bitcoin, and two were paired with BUSD. The exchange has not yet provided a reason for the removal of these assets’ trading pairs.
The decision to remove these trading pairs occurred less than a day after the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance.US’s parent company, BAM, and sought a restraining order to freeze its assets. The lawsuit aims to address potential violations of US securities laws by the company. Some of the affected trading pairs included digital assets that the SEC had labeled as crypto security tokens in its lawsuit against Binance.US. These trading pairs include AXS/USDT, ATOM/USDT, COTI/USDT, MANA/BTC, and MANA/USDT. It is unclear if the SEC’s classification played a role in Binance US’s decision to delist these trading pairs.
Streamlining Buying, Selling, and Converting
In addition to delisting trading pairs, Binance US has streamlined its buy, sell, and convert offering to 20 digital assets, including Bitcoin, Cardano, BNB, Tether, USD Coin, and others. The exchange has also reduced the number of supported Convert trading pairs to 226. Binance US has assured its users that their funds and assets remain safe and secure and that deposits and withdrawals are functioning optimally.
Binance US’s decision to delist over 100 crypto trading pairs and suspend over-the-counter trading comes amid increasing regulatory scrutiny of the cryptocurrency industry. As the SEC continues its investigation into Binance.US’s parent company, it remains to be seen whether other cryptocurrency exchanges will follow suit and delist certain trading pairs to comply with regulations. Regardless, Binance US has made it clear that it is taking steps to ensure the safety and security of its users’ funds and assets.