2023-06-08 08:39:13
Faced with pressure from the regulator, the American subsidiary of the platform announced the removal of certain trading pairs.
Tensions are mounting for the cryptocurrency giant. After “mature reflections”, the American subsidiary of Binance, Binance US, has decided to remove certain trading pairs from this Thursday. The day before, Binance had announced the deletion of 100 trading pairs before mentioning a few hours later 10 trading pairs concerned.
“As a result of community feedback, Binance US will no longer remove USDT trading pairs. All cryptocurrencies and USDT pairs remain available for trading. Only the BTC and BUSD pairs below will be removed,” said underlined the company in a press release.
In detail, these are the following pairs: ATOM/BTC, BCH/BTC, DOT/BTC, LRC/BTC, MANA/BTC, UNI/BTC, VET/BTC, XTZ/BTC, HBAR/BUSD and ONE/ BUSD.
Similarly, Binance US has shut down its “over-the-counter” trading portal, allowing users to trade with each other, over a period of weeks or even months. “Your assets remain safe on Binance US, and deposits and withdrawals continue to operate as normal,” the exchange assures.
These decisions go once morest the grain of the business model of the stock exchange with 120 million users, highly acclaimed for its trading services. This summer, Binance had also announced the removal of trading fees on thirteen combinations between bitcoin and stablecoins in order to attract new traders.
SEC Attack
As a reminder, this Monday, the American financial market policeman, the SEC, sued Binance, as well as its boss, Changpeng Zhao, for circumventing the regulations. Additionally, the SEC accuses the company of allowing US residents to use Binance when the platform was not registered with US authorities. In this context, the BNB, the cryptocurrency stalled, losing more than 14% of its value in the space of a week according to Coinmarketcap. Similarly, weakened, bitcoin stagnates around 26,000 dollars.
Three months before the SEC attack, the Commodity Futures and Trading Commission (CFTC), a US financial markets regulator, had filed complaint once morest the cryptocurrency giant, citing “numerous violations” of the Commodity Exchange Act (CEA) and CFTC regulations. The body considers Binance boss Changpeng Zao (CZ) to be “operating an illegal digital asset derivatives exchange.”
“For years, Binance has known it was violating CFTC rules, actively working to both maintain a flow of money and avoid compliance. This case should serve as a wake-up call to everyone in the digital asset world. The CFTC will not tolerate willful evasion of US law,” CFTC Chairman Rostin Behnam said.
Its recent Binance decisions, taken overnight in the wake of the SEC attack, may reinforce user mistrust of the platform.
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