Crypto Mufasa
Advertise
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
  • Login
  • Register
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
Crypto Mufasa
No Result
View All Result
Home Crypto Exchanges

Binance US Delists 101 Trading Pairs After SEC Freezing Order

Hania by Hania
June 8, 2023
in Crypto Exchanges
Reading Time: 3 mins read
A A
0
Binance US Delists 101 Trading Pairs After SEC Freezing Order
Share on FacebookShare on Twitter
ADVERTISEMENT

Table Of Content:

  • Legal Challenges with Binance US
  • Combining Of The Funds?

The exchange said there are no plans to resume trading for those pairs and has suspended access to its OTC trading platform for a period of time that might last months. 

After receiving legal pressure from the SEC to freeze its assets earlier this week, Binance US revealed on Wednesday the removal of over 100 advanced trading pairs and suspending its OTC trading platform.

AAVE/USDT, COMP/USDT, EOS/USDT, and BCH/BTC are a few of the targeted pairs. 

You May AlsoLike

Gemini To Suspend Services In The Netherlands

Gemini To Suspend Services In The Netherlands

September 29, 2023
Crypto.com And PayPal Set To Dominate PYUSD Trading Worldwide

Crypto.com And PayPal Set To Dominate PYUSD Trading Worldwide

September 29, 2023

Legal Challenges with Binance US

Users were reassured that their assets “remain safe” on the platform by Binance US despite the fact that it did not explain why the rapid pair removals were required. This modification will go into effect on June 8 at 12 p.m. EDT, and deposits and withdrawals will proceed as usual.

Binance US Delists 101 Trading Pairs After SEC Freezing Order
Source: Binance US

 

The change reduces the number of supported “convert” trading pairs on the site to 226. For the majority of the leading cryptocurrencies by market capitalization, including BTC, ETH, USDT, USDC, DOGE, and others, buy, sell, and conversion options are still available.

The exchange gave no hints that it planned to bring back such trading pairs. Although its OTC desk is presently “paused,” the company promised to let users know when it resumes operation. “In the coming weeks and months.”

A day after filing a 136-page lawsuit against the exchange and its global parent firm, the Securities and Exchange Commission on Tuesday issued a restraining order against Binance US to freeze its assets.

Read more: SEC Files Request To Freeze Binance US Crypto Assets, Citing Customer Safety Concerns

Additionally, the exchange had been ordered to return all fiat money and digital assets held on the Binance US platform to consumers within ten days of receiving the restraining order. This included assets tied to its staking-as-a-service program, for the SEC, which targeted Coinbase’s similar offering the same day. 

Binance US Delists 101 Trading Pairs After SEC Freezing Order

Combining Of The Funds?

The lawsuit placed a particular focus on placing all client assets back under the management of Binance US, which were otherwise being managed by either Binance or its CEO Changpeng Zhao. Specifically, the statement stated that this control should be returned to Binance US. Despite the fact that Binance and Binance US are meant to be separate businesses, the SEC claimed in its lawsuit on Monday that billions of dollars from both platforms had been “commingled” within a company owned by Zhao named Merit Peak Limited. 

Defendants have been directed to “remove Defendant Binance, Defendant Zhao, and any of the Binance Entities as a signatory or authorized person to transfer or withdraw assets from all accounts and/or wallets containing Customer Assets…within 5 days of this Restraining Order,” according to the filing. All customer funds must be kept in wallets that are managed by new administrative and private keys within 30 days.

Tags: crypto newsREGULATIONSSECunited states
Share77Tweet48
ADVERTISEMENT
Previous Post

ARK Invest Purchased Coinbase Shares On The Exact Same Day SEC Files Lawsuit

Next Post

Do Kwon Terra LUNA Founder Might Go To Jail In The US And South Korea

Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

Gemini To Suspend Services In The Netherlands
Crypto Exchanges

Gemini To Suspend Services In The Netherlands

September 29, 2023
Crypto.com And PayPal Set To Dominate PYUSD Trading Worldwide
Crypto Exchanges

Crypto.com And PayPal Set To Dominate PYUSD Trading Worldwide

September 29, 2023
Brazil’s Central Bank To Enforce Stricter Crypto Laws
Bitcoin News

Brazil’s Central Bank To Enforce Stricter Crypto Laws

September 28, 2023
Taiwan Enforces Ban On Unregistered Cryptocurrency Exchanges
Crypto Exchanges

Taiwan Enforces Ban On Unregistered Cryptocurrency Exchanges

September 28, 2023
Binance Advises Euro Users To Convert To USDT As Paysafe Ends Support
Crypto Exchanges

Binance Advises Euro Users To Convert To USDT As Paysafe Ends Support

September 28, 2023
Binance Market Share Drops From 75% To 54%
Crypto Exchanges

Binance Market Share Drops From 75% To 54%

September 27, 2023
Next Post
Do Kwon Terra LUNA Founder Might Go To Jail In The US And South Korea

Do Kwon Terra LUNA Founder Might Go To Jail In The US And South Korea

Discussion about this post

Live Prices

Stay Connected

You May Also Like

  • Terra Classic Price Prediction: What Is an Ideal LUNC Buy Zone?

    Terra Classic Price Prediction: What Is an Ideal LUNC Buy Zone?

    201 shares
    Share 80 Tweet 50
  • XRP’s Path To Success: 3 Reasons Ripple Could Explode In 2023

    199 shares
    Share 80 Tweet 50
  • Elon Musk’s Silence And Its Impact On DOGECOIN

    194 shares
    Share 78 Tweet 49
  • 3 Cryptocurrencies To Avoid Trading In The Upcoming Week

    194 shares
    Share 78 Tweet 49
  • Bitcoin (BTC) vs. Worldcoin (WLD) Comparative Study

    192 shares
    Share 77 Tweet 48
  • About Us
  • Contact Us
  • Work With Us
  • Privacy Policy
  • Terms Of Service

© 2022-2023 CryptoMufasa - All Rights Reserved!

No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Price Predictions
  • Google News

© 2022-2023 CryptoMufasa - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

*By registering into our website, you agree to the Terms Of Services and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Table Of Content:

×
  • Legal Challenges with Binance US
  • Combining Of The Funds?
→ Index
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.