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Top cryptocurrency news: Binance.US will delist AMP after the SEC claims the token is a security

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United States-based crypto exchange Binance.US has announced that it will delist the AMP token due to concerns about possible prosecution by federal regulators.

Binance.US said in a blog post on Monday that it will block deposits for Amp (AMP) and delist the AMP/USD trading pair on August 15th, after the token's mention in a legal action filed by the US Securities and Exchange Commission. In July, the SEC filed a lawsuit against a former Coinbase product manager and two people, alleging that AMP and eight other cryptocurrencies were crypto asset securities subject to SEC oversight.

According to Binance.US, "we feel that in some cases, delisting an asset effectively protects our community from unnecessary risk. We work in a rapidly changing sector, and our listing and delisting procedures are designed to be responsive to market and regulatory changes.”

According to Binance.US, AMP is the sole token mentioned in the SEC complaint that is currently available for trade on the platform. The exchange said that AMP trading "may continue at some time in the future," but no date was given. Other crypto exchanges and firms that offer the token, including Powerledger (POWR), Kromatika (KROM), DFX Finance (DFX), Rally (RLY), Rari Governance Token (RGT), DerivaDAO (DDX), LCX, and XYO, may face SEC attention if the regulator decides to take enforcement measures.

In response to the SEC lawsuit, Caroline Pham, commissioner of the US Commodity Futures Trading Commission, said, "The SEC's claims might have extensive repercussions beyond this particular instance, underlining how vital and urgent it is that regulators work together."

According to CoinGabbar statistics, the price of AMP has increased by 3.5 percent in the last 24 hours and is currently trading at $0.0093 at the time of writing. However, the RGT price increased by more than 72% to a new all-time high of $8.40.

Read also: Top cryptocurrency news: Trading volume on CryptoPunks increased 1,847 percent when Tiffany & Co. debuted its unique NFT collection.

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