Binance.US has announced that it will remove select trading pairs and pause its Over The Counter (OTC) Trading Portal amidst a complaint filed by the U.S. Securities and Exchange Commission (SEC) on Monday. The changes will take effect on June 8 and will impact certain USDT, BTC, and BUSD Advanced Trading pairs.
Binance.US has stated that the decision to remove select trading pairs and pause the OTC Trading Portal was made after careful consideration. The company has also decided to streamline its Buy, Sell & Convert offering and reduce the number of supported Convert trading pairs to 226.
Binance.US Announces Delisting Of Select Trading Pairs
The impacted Advanced Trading pairs include a wide range of cryptocurrencies, including AAVE, ANT, BAL, BAT, BCH, COMP, and many others. BTC trading pairs for ATOM, BCH, DOT, LRC, MANA, UNI, VET, and XTZ will also be removed. BUSD trading pairs for HBAR and ONE will also be delisted.
Meanwhile, the Buy, Sell & Convert offering will remain available for 20 assets, including USDT, USDC, BNB, ETH, BTC, FET, ATOM, APT, MATIC, LTC, DOGE, SHIB, FTM, APE, SOL, LINK, ADA, DOT, GALA, AVAX, and USD.
Furthermore, Binance.US has paused its OTC Trading Portal services but has assured its users that their assets remain safe and secure. Deposits and withdrawals for all assets remain available, along with trade functionality for all impacted assets, except the delisted trading pairs.
Binance.US recommends that users carefully review their trades and execute or cancel open orders on impacted Advanced Trading pairs before they are removed from the platform. The company has also stated that it will notify users if and when OTC trading becomes available again.
The delisting of trading pairs by an exchange can have both positive and negative impacts. In the short term, the delisting of trading pairs can lead to a decrease in trading volume, as users adjust to the new changes. This could result in a temporary loss of revenue for Binance.US.
In the case of Binance.US, the delisting of select trading pairs could be related to the recent complaint filed by the SEC. Binance.US may be taking steps to comply with regulatory requirements and reduce the risk of further regulatory action.
Featured image from Unsplash, chart from TradingView.com