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Why is the SEC investigating Binance's BNB token?
The United States Securities and Exchange Commission (SEC) is reportedly investigating Binance's BNB token. According to the report from Bloomberg, the SEC is investigating if the initial coin offering (ICO) of the token in 2017 was an unregistered security offering that should've been registered with the financial regulatory authority.
SEC probes Binance over BNB
The BNB ICO was one of the major milestones that made Binance the leading crypto exchange that it is now. According to a report, the SEC has now opened an investigation into the ICO. In an article authored by Tom Schoenberg and colleagues, Bloomberg said that SEC has reasons to believe that Binance broke regulatory laws during the 2017 ICO.BNB token is the governance and utility token of the exchange and is currently the 5th biggest cryptocurrency in the crypto space and has seen a huge surge in prices in the past few years as Binance rose to popularity. The ICO for the BNB token of 100 million tokens at 15 cents raised $15 million, which was used to grow the services.
As per CoinMarketCap, the token is down 8.03% in the last 24 hours, being hit by major reports from Reuters and Bloomberg.
Binance replied to Bloomberg with the following statement:
"It would not be appropriate for us to comment on our ongoing conversations with regulators, which include education, assistance, and voluntary responses to information requests," adding, "We will continue to meet all requirements set by regulators."
Reuters takes a shot
As per a previous report from Cryptonary, Reuters took a shot at Binance and claimed that the exchange operated as a gateway for laundering at least $2.35 billion in illegal funds as the firm processed transactions related to hacking, investment fraud, and illegal drug sales. Reuters also added that Binance had poor KYC rules and AML rules until mid-2021, which led to the exchange becoming a center of money laundering.Continue reading by joining Cryptonary Pro
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