Photo by Kanchanara on Unsplash
6 hours ago from the time this article is wrote,
Bloomberg reported
the U.S. Securities and Exchange Commission (S.E.C) launched a probe against crypto exchange Binance’s native token Binance Coin (BNB).
According to the report, S.E.C is investigating if Binance should have registered BNB as a security and if the ICO constitutes the illegal sales of an unregistered security at time of its launched 5 years ago.
Binance was founded in 2017, and in July of same year, it issued its native coin through an Initial Coin Offering (ICO) (ICO). Binance Coin (BNB) was distributed to early supporters and investors, as well as the exchange's core team.
The coin was sold for 15 cents during its public sale, assisting Binance in raising approximately $15 million in money. The money then has been used for platform growth, education,funding another projects. Binance Smart Chain (B.S.C) is one of many success results from Binance and BNB.
To be mentioned,not to long before Bitcoinist reported on a Reuter investigation stating that Binance's platform has allowed up to $2.3 billion in money laundering.Of Course Binance denies these allegations as they're emphasize their role in assisting law enforcer in fighting against peoples who's been doing crimes by levering Binance platform and BNB.
This investigation may lead a massive impact on crypto depends on the results.It effecting not only BNB price, but Thousands of other tokens not to exclude hive,even just a bit.
It also will determined wether Binance u.s is really operate separately from it Parents company.
This is not the first time S.E.C open an investigation similar .The commission legal battle against crypto based payment company,Ripple is also currently ongoing and not gonna be over anytime soon.
Thinking logically, why wait 5 years to open an investigation against unregistered security token,when the coin market cap has already is surpassed most U.S based companies.
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screenshot was taking on my redmi 9t in Iq Option.
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Bnb price today is down -3.427% trading at $285 currently due this actions by commission , Binance yet to make official statement about this report.
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Cub is down by -5.93% trading at $0.040
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