(Bloomberg) -- Crypto exchange Binance.US announced Monday that it’s delisting one of the crypto assets the US Securities and Exchange Commission identified as a security in a recent insider-trading case.
The Amp token is one of nine digital currencies that the regulator said were securities in a lawsuit last month that accused three individuals, including a former Coinbase Global Inc. employee, of participating in an insider trading scheme. The token currently has a total market value of about $360 million, according to CoinMarketCap.
Under US rules, the security label carries strict investor-protection requirements for platforms and issuers. Exchanges offering trading in such tokens could be forced to register with the SEC.
“We operate in a rapidly evolving industry and our listing and delisting processes are designed to be responsive to market and regulatory developments,” Binance.US said in a blog post, citing the SEC’s case. The trading platform said it was removing the Amp token “out of an abundance of caution” effective Aug. 15.
Binance.US said it won’t resume trading of the Amp token until there’s more clarity around its classification.
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