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The US Securities and Exchange Commission (SEC) is reportedly investigating every US-based crypto exchange platform, including Binance.
According to a new Forbes report, an aide to US Senator Cynthia Lummis reveals that the regulator is investigating all 40 US-based crypto exchanges, including the world’s largest crypto exchange platform Binance, for possible violations of the law.

The staffer says the platforms are at various stages of investigation and that the SEC is eagerly trying to resolve its dispute with the Commodities Futures Trading Commission (CTFC), which agency has ultimate jurisdiction over crypto assets.

The report also notes that a senior crypto exchange executive said that based on what he heard from members of the SEC, many exchange platforms likely received well notices, formal notices that legal action is being taken against them.

Recently, Binance.US said it was AMP, an Ethereum (ETH)-based crypto-asset that aims to secure payments on the Flexa network as the SEC considers it a security under their jurisdiction.

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Binance says it’s removing AMP out of caution.

“Last week, the Securities and Exchange Commission (SEC) filed securities fraud charges against, among others, a former Coinbase employee. In its lawsuit, the SEC named nine digital assets it claims are securities. Of these nine tokens, only Amp (AMP) is listed on the Binance.US platform.

As a precaution, we have decided to remove the AMP token from Binance.US effective August 15, 2022. Although AMP trading may resume on the Binance.US platform at some point in the future, we are taking this step now pending more clarity on AMP’s classification.”

Featured image: Shutterstock/Salamahin/Vadim Sadovski

Source: Crypto News Deutsch

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