Key Points:
According to TradingView data, BNB is currently trading at $278, down more than 10% on the day because of this news. This is the first time in 2 months that BNB is under $300.
As Coincu reported, the SEC is accusing Binance of operating an illegal stock exchange, among other things.
Binance was charged with 13 counts, including unauthorized offers and sales of the BNB (BNB) and BUSD coins, the Easy Earn and BNB Vault products, and its staking program. Furthermore, the SEC claims that Binance failed to register its Binance.com platform as an exchange or a broker-dealer clearing agency. It further stated that Binance and BAM Trading did not register Binance.US as an exchange, broker, or clearing agency. CZ was accused of being a “controlling person.”
The SEC is seeking a permanent injunction against Binance and CZ, as well as disgorgement of ill-gotten earnings with interest and financial penalties.
The lawsuit means that tokens traded on the Binance market constituted securities. BNB, BUSD, SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI are the tokens involved.
The SEC further claims that Binance.US misled regarding market manipulation prevention and enabled wash trading by an unnamed market making trading entity controlled by Zhao.
Binance CEO Changpeng Zhao responded to information regarding the exchange:
“Our team is all standing by instructing systems are stable, including withdrawals, and deposits. We will issue a response once we see the complaint. Haven’t seen it yet. Media gets the info before we do.”
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
The Cedar Innovation Foundation has filed a FOIA request for SEC communications regarding the DEBT…
Biden administration to veto crypto custody legislation over stability and investor protection concerns.
Tether expands into Eastern Europe with new investment in Georgia's CityPay.io. The investment will support…
The VanEck meme coin index tracks the performance of six prominent meme coins: DOGE, SHIB,…
BitMEX options trading aims to grow interest in cryptocurrency options amid regulatory developments.
According to BBG, Nigeria and Binance dispute intensifies as Nigeria denies Binance's bribery allegations. Binance…
This website uses cookies.