"Every day there are surprising things, what will happen with the crypto exchange?"
Following the Securities and Exchange Commission (SEC) of the United States (US) filed an emergency motion in federal court to freeze its platform, the Binance US cryptocurrency exchange is reported to be removing hundreds of thousands of trading pairs on June 8, 2023.
However, Binance US assures that users' assets will remain safe and secure while deposits including withdrawals function as normal despite the crypto exchange shutting down its over-the-counter (OTC) trading portal*.
*The process of trading securities through a broker-dealer network as opposed to a centralized exchange
Explained in more detail, Binance US will remove Advanced Trading USDT, BTC and BUSD pairs including AAVE/USDT, AXS/USDT, BCH/USDT, 1INCH/USDT, APE/USDT, ATOM/BTX, DOT/BTC, UNI/BTC, MANA/BTC and HBAR/BUSD.
As part of its plan to make Binance US efficient, its team has reduced the number of supported exchange trading pairs to just 226.
Even so, the crypto exchange still supports USDT, USDT, USDC, BNB, ETH, BTC, FET, ATOM, APT, MATIC and LTC including memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB) which have long been popular.
It can be seen here that the SEC acted quickly in issuing a freezing order against Binance US assets, but the order will apply to the cryptocurrency exchange's accounts held at Silvergate Bank, Axos Bank, Prime Trust and others.
As of this writing, Binance BNB (BNB) price has plunged by 6.30% to $261.45 in the last 24 hours with a market cap of $40 billion further recording a 14.62% decline over the last week.
