Binance US, the American subsidiary of Binance, one of the largest cryptocurrency trading platforms in the world, faces legal difficulties after the Securities and Exchange Commission (SEC), the US financial market regulator, to emit an order to freeze its assets on Tuesday of this week.
With this legal pressure in Binance US v. SEC in 2023, Binance US announced the removal of over 100 advanced trading pairs on Wednesday, as well as pausing its Over-The-Counter (OTC) trading portal. Among the hit pairs are AAVE/USDT, COMP/USDT, EOS/USDT and BCH/BTC.
Despite the sudden removals of pairs, Binance US did not specify the reasons, but assured users that their assets remain safe on the platform. The measure will go into effect at 12:8 a.m. EDT on June XNUMX, and deposits and withdrawals will continue to process as normal.
The move reduces the platform's supported trading pairs to 226. Call, put and conversion options remain available for most major cryptocurrencies by market capitalization, including BTC, ETH, USDT, USDC, DOGE and others. The exchange has given no indication that it plans to bring these trading pairs back.
The SEC has launched a restraining order against Binance US to freeze its assets, just one day after the agency launched its 136-page lawsuit against the exchange and its international parent. The exchange was also ordered to repatriate customers of all fiat currencies and digital assets held on the Binance US platform within 10 days of receiving the restraining order.
It is a delicate situation that calls into question the security of investments in cryptocurrencies, especially for those who have assets on Binance. The consequences are still being evaluated, but one thing is certain: cryptocurrency regulation is becoming an increasingly present and concrete reality in the US.
