Binance.US pauses OTC trading, removes numerous trading pairs
In a move to streamline its buy, sell & convert service, Binance.US has announced a reduction in the number of supported convert trading pairs, bringing the total to 226.
The announcement came amid the complaint filed by the U.S. Securities and Exchange Commission (SEC) on June 5.
Responding to the complaint
On June 7 Binance.US released a statement announcing the removal of several trading pairs, many of which are popular tokens.
The new policyis set to go into effect on Thursday, June 8.
However, users can still utilize buy, sell & convert for a range of assets, including USDT, USDC, BNB, ETH, BTC, FET, ATOM, APT, MATIC, LTC, DOGE, SHIB, FTM, APE, SOL, LINK, ADA, DOT, GALA, AVAX, and now USD for Convert. Additionally, the maximum trade amount for buy, sell & convert has been updated to $10,000.
Meanwhile, Binance.US has temporarily halted its OTC trading portal services. The platform intends to inform users when OTC trading becomes available again, with updates expected in the upcoming weeks and months.
Keeping user holdings safe
In the latest development of the Binance lawsuit, the regulatory agency has filed a request with a federal court in Washington D.C. to initiate a freeze on Binance.US’s entire asset holdings and repatriate all funds belonging to its customers, including both cryptocurrency and fiat currency.
The regulator argues that this action is necessary to “safeguard the assets from being dispersed and ensure funds are available for potential judgments, considering the defendants’ extensive history of non-compliance and disregard for U.S. laws.”