Binance USA delists SEC-declared cryptocurrencies as securities

Cryptocurrency exchange Binance US delisted one of the cryptocurrencies that the SEC identified as a security.

The US subsidiary of Binance has announced that it will stop trading for tokens AMP of Flexa after the U.S. Securities and Exchange Commission (SEC) determined it to be a security.

“We operate in a rapidly growing industry and our listing processes are designed to respond to market developments.” Binance US said in a blog post Monday.

Exchange says AMP delisting takes effect from 15 date of 8 month. This move comes after the SEC investigated the largest US cryptocurrency exchange Coinbase for allegedly allowing U.S. citizens to trade digital assets that should have been registered as securities.

The SEC believes that Coinbase has listed nine cryptocurrencies are unregistered securities; Out of those nine tokens, only Amp is listed on the Binance.US platform.

SEC Chairman Gary Gensler last week argued that cryptocurrency exchanges should be regulated in a similar way to traditional stock exchanges.

However, Coinbase denied that the exchange listed unregistered securities.

“We are confident that our rigorous process ― the process by which the SEC has reviewed ― removes securities from our platform and we look forward to engaging with the SEC on this matter.” The company's chief legal officer Paul Grewal said.

As of today, Coinbase is still offering AMP trading.

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