Binance Receives Strong Support Amid SEC Allegations

Key Points:

• FBG Capital and machibigbrother.eth show support for Binance amidst SEC lawsuit.
• The SEC accuses the exchange of mishandling customer funds and lying to regulators and investors.
• The BNB token falls over 10% following news of the SEC lawsuit against the exchange.

FBG Capital and machibigbrother.eth show support for Binance amidst SEC lawsuit. FBG Capital deposited all 44 million USDT while NFT giant whale machibigbrother.eth stated that it had transferred all BAYC and MAYC to the exchange.

FBG Capital and machibigbrother.eth expressed their support for Binance after the Securities and Exchange Commission (SEC) filed a lawsuit against the exchange. According to Wu Blockchain, FBG Capital deposited all 44 million USDT in Binance to show support, while NFT giant machibigbrother.eth transferred all BAYC and MAYC to Binance, worth nearly 2,900 ETH.

The SEC has accused Binance of mishandling customer funds and lying to regulators and investors about its operations. In a 136-page complaint filed in US federal court in Washington, the SEC alleges that Binance flouted basic know-your-customer rules and allowed Americans to open accounts and trade improperly. The regulator also claims that the exchange and its US affiliate weren’t actually independent from each other and improperly functioned as an exchange, broker-dealer, and clearing agency without registering with the agency.

The exchange had expressed disappointment with the SEC’s lawsuit, stating that it had been engaged in good-faith negotiations to settle the matter. The firm added that it takes the allegations seriously, but they should not be the basis of an enforcement action, particularly on an emergency basis. Binance intends to defend its platform vigorously.

The BNB token falls over 10% to trade at $278, its lowest level since March 13, following news of the SEC lawsuit against the exchange. This marks the first time in 2 months that BNB is under $300.

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