Binance.US Suspends OTC Trading, Delists More than 100 Trading Pairs

Less than 2 days after being severely cracked down by U.S. regulators, Binance.US, the U.S. subsidiary of the world's leading cryptocurrency exchange Binance, announced the suspension of its OTC trading and the delisting of more than 100 trading pairs, most of which are USDT pairs.

Binance.US said in a blog post on Thursday: "Binance.US has paused its OTC Trading Portal services. In the upcoming weeks and months, Binance.US will notify you if and when OTC trading becomes available again."

In the notice, the company also emphasized that despite the decision, users' assets remain safe, and both deposits and withdrawals will continue to function normally.

On June 5, Monday, the U.S. Securities and Exchange Commission (SEC) filed 13 lawsuits against Binance​, Binance.US, and its founder, Changpeng Zhao. The next day, the regulator filed a motion for an emergency freeze of the US affiliate's assets.

The regulator cited Binance's disregard for U.S. law and "volatile" behavior as the main drivers behind the motion. SEC also stated that the purpose of the freeze is to ensure the safety of users' assets.

Recently, leading crypto exchanges in the industry such as Binance and Coinbase​ have been repeatedly hit by regulation, and the prices of most cryptocurrencies have fallen sharply. Binance's BNB was hit particularly hard and fell from around $300 on Monday to around $258 at the press time.