In response to recent allegations by the United States Securities and Exchange Commission (SEC), Binance US, the American arm of the popular cryptocurrency exchange Binance, has made changes to its platform.
The exchange has removed ten advanced trading pairs, comprising BTC and BUSD pairs, and also announced the pause of its OTC Trading Portal services in the US.
Specific Trading Pairs Being Removed
Among the BTC trading pairs that have been removed are ATOM/BTC, BCH/BTC, DOT/BTC, LRC/BTC, MANA/BTC, UNI/BTC, VET/BTC, and XTZ/BTC. Additionally, Binance US is halting the BUSD Advanced Trading pairs HBAR/BUSD and ONE/BUSD.
Streamlining of Buy, Sell & Convert Offering
Alongside the removal of trading pairs, Binance US is streamlining its Buy, Sell & Convert offering. The maximum order for Buy, Sell & Convert has been updated to $10,000, providing users with improved transaction limits.
Pause of OTC Trading Portal Services
Binance US has temporarily paused its OTC Trading Portal services in the US. While the exchange has not provided a specific timeline for the resumption of the service, it has assured users that they will be notified when the OTC Trading Portal becomes available again in the coming weeks and months.
SEC Lawsuit and Allegations Against Binance
The decision to remove selected trading pairs by Binance US follows a lawsuit filed by the SEC against Binance, its US platform, and CEO Changpeng Zhao.
The SEC alleges that Binance operated illegally in the US by failing to register as a securities exchange. The lawsuit includes 13 charges related to various aspects of Binance’s operations, such as its staking program, token sales, and investment products. The SEC further claims that Binance and its entities put investors at risk while enriching themselves.
Binance Responds to SEC Lawsuit
Binance has denied the SEC’s allegations and has said that it is cooperating with the regulator’s investigation. The exchange has also said that it is committed to complying with all applicable laws and regulations.