BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Regulation

Binance.US Suspends Trading for Multiple Crypto Pairs Amid SEC Legal Challenge

by Dan K
Jun 7, 2023 - 10:00 pm
in Regulation
Binance.US logo over a background of discontinued trading pairs

Massive Reduction of Supported Trading Pairs

Binance’s United States arm, Binance.US, announced the suspension of trading for several cryptocurrencies on June 7, affecting over a hundred of trading pairs. This action follows a lawsuit filed by the United States Securities and Exchange Commission (SEC) against Binance entities and their leadership earlier this week.

“Binance.US will remove selected Advanced Trading pairs on June 8, 2023, at 9 a.m. PDT / 12 p.m. EDT. Additionally, our Buy, Sell & Convert offering is being streamlined and our OTC Trading Portal is temporarily paused,” the exchange stated in an official announcement.

Major Cryptocurrencies Affected

Over 90 trading pairs of the popular stablecoin Tether (USDT), eight Bitcoin (BTC) pairs, and two Binance USD (BUSD) pairs have been hit by the suspension. Binance.US has assured its users that deposits and withdrawals remain functional, providing a slight relief to those affected by the decision.

Trading Limits and OTC Platform Closure

While the exchange will continue to support USD conversions, the maximum trade amount for buy, sell, and convert operations has been reduced to $10,000. In a surprising move, Binance.US has also shut down its over-the-counter (OTC) trading platform indefinitely, without providing a timeline for its resumption.

SEC’s Legal Battle with Binance

The SEC filed a lawsuit against Binance on June 5, alleging the crypto exchange of offering unregistered securities. The U.S. regulator slapped Binance with 13 charges related to unregistered offers and sales of its BNB and BUSD tokens, and the Simple Earn and BNB Vault products. The SEC further alleges that Binance failed to register its Binance.com platform as an exchange or a broker-dealer clearing agency.

Interestingly, the SEC filed similar charges against another crypto heavyweight, Coinbase, only a day after filing the Binance suit. The commission claims that several cryptocurrencies offered by the exchange, such as SOL, MATIC, and The Sandbox SAND, qualify as securities.

Tags: BinanceLawsuitSECUS
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

Image of Circle's logo with a gavel and Binance's logo, signifying the court's involvement.

Circle weighs in on SEC vs. Binance case, argues stablecoins are not securities

September 29, 2023

Circle, behind the USDC stablecoin, argues in a court filing that assets pegged to the USD aren’t securities...

Coinbase CEO Brian Armstrong leading a group of crypto founders during the "Stand with Crypto" campaign in Washington.

Coinbase Advocates for Clearer US Crypto Regulations: The “Stand with Crypto” Campaign

September 29, 2023

Coinbase spearheads the “Stand with Crypto” campaign in Washington, urging for clear and fair regulations in the ever-evolving...

Roberto Campos Neto stands at a podium, speaking to parliamentary officials about new crypto regulations.

Brazil’s Central Bank Clamps Down on Crypto: New Regulations on the Horizon

September 28, 2023

Brazil's central bank signals tighter crypto regulations following a significant increase in cryptocurrency adoption and potential associated risks.

Binance logo with a backdrop of a dimming euro symbol, representing the ongoing European debanking issues.

Binance Faces European Debanking: Asks Paysafe Users to Switch from Euros to USDT

September 28, 2023

Crypto exchange Binance instructs its Paysafe users to convert euros to Tether by October's end after recent disruptions...

Press Releases

David Ferrucci next to the Elemental Cognition brand emblem.

BM Watson’s Lead Developer Secures $60M for New AI Venture, Elemental Cognition

August 18, 2023

David Ferrucci, has raised a remarkable $60M for his AI startup. The company brings forward two pioneering chatbot solutions designed...

pulse5

Amsterdam Gets with the Dutch Blockchain Days the Biggest Event of the Benelux in the Field of Blockchain, Crypto Currencies, NFTs and Other Web3 Developments

May 8, 2023

Discover the future of blockchain, crypto, NFTs, and Web3 at Dutch Blockchain Days, the largest event in Benelux.

pulse4

Korea Blockchain Week 2023 Set to Push the Boundaries after Record-Breaking 2022 Event

May 8, 2023

Korea Blockchain Week 2023 returns after a highly successful 2022 event, featuring leading experts and the latest trends in blockchain...

pulse3

Istanbul Will Be Hosting Eurasia’s Largest Blockchain Event Once again on May 8–11, 2023

May 8, 2023

Join Eurasia's largest blockchain event, the Blockchain Economy Istanbul Summit, May 8-11, 2023, and discover the future of financial technology.

View All
BTC-Pulse LogoTransparent

© 2023 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2023 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise