SEC Launches Investigation For Dev Altcoin!

SEC: The world’s fourth-largest altcoin project by trading volume, BNB Coin (BNB), is now under review by the US Securities and Exchange Commission (SEC). Five long years later, the securities regulator has launched an investigation into whether Binance violated securities laws with its 2017 BNB token sale. Here are the details…


Review of Binance’s altcoin project

BNB is the last of the biggest cryptocurrencies to hit the SEC radar. As we have also reported, XRP, one of the major cryptocurrencies, was on the SEC’s radar. XRP is still in a legal battle with the SEC. For some, this could be a worrying development for Binance, which is already facing major regulatory hurdles around the world and in the US. In a statement to Bloomberg, Binance said:

It would not be appropriate for us to comment on our ongoing conversations with regulators, including voluntary responses to requests for training, assistance, and information.

Investors Are Collecting This Altcoin From The Bottom! So why?

The crypto exchange also said that it will continue to engage with authorities and will continue to meet all requirements set by regulators. At the time of writing, BNB is changing hands at $280, down 8.6 percent.

Is Binance in troubled waters?

Cryptocurrency exchange Binance is facing some regulatory issues in the US. Outside of the SEC, the world’s largest crypto exchange is facing investigations from the Commodity Futures Trading Commission (CFTC), Internal Revenue Service (IRS), and the Department of Justice. A recent report shows that Binance allegedly aided a $2.35 billion money laundering scheme. In the latest SEC investigation, sources also said that this may not lead the securities regulator to sue the company. For some, however, this means that Ripple may share its fate and years of court cases before reaching a conclusion. One of the sources also added:

Beyond BNB, the SEC is also investigating possible commercial misconduct by employees at Binance and whether Binance.US, an American subsidiary founded in 2019, was appropriately removed from its global counterpart.

One of the sources also said that the SEC is looking at market-making companies affiliated with Binance CEO Changpeng Zhao. The SEC appears to be interested in Zhao’s ownership stakes in Binance US, according to experts. Changpeng Zhao has yet to make a statement. There was no further development from Binance, except that it would be inappropriate for us to comment on our ongoing conversations with regulators, including our responses to requests for training, assistance, and information. Borsa İstanbul stated that they are “cooperating with the authorities” and that they will “continue to fulfill the requirements set by the regulatory bodies”.

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Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing site 3 months ago.