Regulation Spotlight: Will Binance’s Flexa AMP Delisting Have a Larger Impact?

TheStreet published this video item, entitled “Regulation Spotlight: Will Binance’s Flexa AMP Delisting Have a Larger Impact?” – below is their description.

The U.S. subsidiary of Binance is delisting the Flexa AMP token after the Securities and Exchange Commission claimed that the asset was a security.

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In This Story: Binance

Binance is a cryptocurrency exchange which is currently the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software.

The company has launched various cryptocurrencies: Binance Coin (BNB), launched June 2017, and Binance Smart Chain (BSC), launched September 2020. Binance Smart Chain operates using “Proof of Staked Authority”, a combination of proof of stake and proof of authority.

Binance is currently under investigation by both the United States Department of Justice and Internal Revenue Service on allegations of money laundering and tax offenses. The UK’s Financial Conduct Authority ordered Binance to stop all regulated activity in the United Kingdom in June 2021.

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