AMP Dives as Binance.US Unveils Its Delisting Following the SEC Claim that It is a Security

Altcoins Coinbase Exchange Market Regulation SEC
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Last updated:
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Author
Ruholamin Haqshanas
Author Categories
About Author

Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Ad DisclosureWe believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more
Source: AdobeStock / JorgeEduardo

 

AMP, the native token of the Amp blockchain, has extended losses following news that Binance.US, the US arm of major crypto exchange Binance, would delist the coin due to the Securities and Exchange Commission (SEC)’s claim that it is a security.

At 13:02 UTC, AMP is trading at USD 0.00812, down 10% in a day. It’s also down 4% in a week, 11% in a month, 88% in a year, and 93% since its June 2021 all-time high.

AMP 1Y price chart. Source: coingecko.com

Binance.US announced that it will delist the AMP token “out of an abundance of caution” after the SEC alleged AMP was security last month in an investigation against US-based crypto exchange Coinbase. As reported, Coinbase has refuted the claim.

“Last week, the [SEC] filed securities fraud charges against a former employee of Coinbase, among others,” Binance.US said. “In its suit, the SEC named nine digital assets that it alleges are securities. Of those nine tokens, only Amp (AMP) is listed on the Binance.US platform.”

The exchange added that the delisting will go into effect on August 15, 2022, adding that trading of AMP may resume at some point in the future once there is more clarity around the classification of AMP.

Per its website, Amp is an “extensible platform” that can be used to collateralize asset transfers, while AMP is “a universal collateral token designed to facilitate fast and efficient transfers for any real-world application.” The team behind it claims that the coin “provides speed without compromising on security.” 

Meanwhile, Lee Reiners, executive director of the Global Financial Markets Center at Duke University, told Roll Call that he does not see the SEC filing complaints against exchanges until a court has weighed in on whether the tokens in question are in fact securities. 

“They’ll wait and then if the court agrees with them, of course at that point the exchanges themselves will be forced to register,” Reiners was quoted as saying. 

____

Learn more: 
Coinbase Refutes Claims That it Lists Securities as SEC Kicks Off Investigation
Coinbase Criticizes US SEC, Crypto Community Criticizes Coinbase over Insider Trading, and CFTC Chimes In

US SEC Chief Gensler Says Crypto Sector Rife with ‘Non-compliance’
US SEC Launches Probe into Insider Trading Safeguards of Crypto Exchanges – Report

Binance CEO Sues Bloomberg’s Partner Over ‘Shitcoin Casino’ Article
BNB to Grow Modestly This Year, Might Tripple by 2025 – Analyst Panel

More Articles

DeFi News
From $10K to $75K: How Dave Portnoy Pumped and Dumped a Meme Coin on His Followers
Hassan Shittu
Hassan Shittu
2025-02-07 23:50:53
DeFi News
Donald Trump’s World Liberty Financial Set to Create Strategic Crypto Reserve: Report
Julia Smith
Julia Smith
2025-02-07 23:19:22
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors