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Binance.US Paused OTC Trading Against The Strong Onslaught Of The SEC

WikiBit 2023-06-08 15:40

Abstract:Binance.US Paused OTC Trading Against The Strong Onslaught Of The SEC

  • Binance.US has announced the suspension of its OTC Trading Portal.

  • On June 8, the exchange will likewise delist trade pairs.

  • The action comes after the Securities and Exchange Commission of the United States sued Binance on June 5, saying that the company committed breaches that should ban the exchange and its CEO from doing further business in the United States.

Binance.US, the U.S. arm of the crypto exchange Binance, said on Wednesday that it has chosen to suspend its over-the-counter trading service.

The exchange also announced the suspension of its OTC Trading Portal, an “over-the-counter” trading method that allows buyers and sellers to trade without the use of a public order book.

Binance has been in the news for three days in a row. On June 5, the SEC filed a complaint against the crypto exchanges US subsidiary.

On June 5, the US Securities and Exchange Commission (SEC) filed a complaint against Binance and billionaire Changpeng Zhao (CZ) in federal court in Washington, outlining 13 accusations. According to the SEC, Binance overstated trade volumes, steered client money, did not exclude Americans from the platform, and deceived investors about its market control procedures.

On Monday, the US regulator said that Zhao and his exchange tried to circumvent “their own controls” in order to let high-net-worth US investors and clients continue trading on Binances unregulated international exchange.

According to the lawsuit, Binance established Binance.US as a shield for the main corporation and Zhao in order to “reveal, retard, and resolve” law enforcement targets and insulate Binance.

The SEC stated that two consecutive Binance.US CEOs voiced grave worry about Zhao‘s degree of control. Both testified before federal regulators: While neither was identified, the company’s first and second CEOs were Catherine Coley and Brian Brooks.

The SEC then attempted to freeze the exchanges assets on June 6.

Together with the announcement, Binance.US provided the following list of trading pairings. Additionally, the article indicated that client money is secure and that deposits and withdrawals would continue to work regularly for all customers.

There has been a lot of FUD in the market as a result of the current SEC mess and the developments surrounding Binance. The CEO of Binance, CZ, went to Twitter to refute one such circulating story.

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