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Binance.US Shuffles Trading Pairs and OTC Services Amidst Recent Developments

In short: Binance.US, the US-based subsidiary of Binance, will delist advanced trading pairs for 40 coins, including AAVE, BCH and MKR, on June 8. OTC trading has also been paused, but withdrawals and deposits will still operate. The exchange has stated users' assets will remain secure.

Our quick analysis:
Leading cryptocurrency exchange Binance.US made an announcement on June 7 regarding its plan to delist 40 trading pairs. The trading pairs delisted include advanced pairs for USDT, BTC, and BUSD. Some of the altcoins whose trading pairs will be delisted are AAVE, BCH, and MKR, amongst others. The move comes after careful consideration by the company and will take effect on June 8, 2023, at 9 a.m. PDT / 12 p.m. ED

The announcement also mentioned that buy, sell, and convert offerings will be streamlined, with the OTC Trading Portal paused. However, users can still deposit and withdraw, and all their assets will remain secure.

This announcement follows the U.S. Securities and Exchange Commission's (SEC) recent developments in a lawsuit against Binance and its CEO, Changpeng Zhao. The SEC had sought to freeze the company's assets, causing the exchange to halt its OTC trading overnight.

Binance.US's move to delist trading pairs can be viewed as another precautionary measure. Meanwhile, the exchange also informed its users that their assets remain safe and secure.

The cryptocurrency community is curious about the direction Binance and its subsidiaries would take in the upcoming period. With so many developments related to the exchange, only time will tell. However, what remains true for now is that Binance.US continues to be a reliable and secure platform for users to deposit, withdraw, and trade various cryptocurrencies.

It's interesting to observe that the ever-changing nature of the cryptocurrency market prompts even the leading exchange in the world to shuffle its offerings. Nevertheless, given that the OTC trading portal is under the pause mode, some may want to commence a "bring back OTC trading services" movement. Jokes aside, it's always better to be on the safe side, as exchanges prioritize the security of their users' assets.

Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.

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