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.
................
screenshot was taking on my redmi 9t in Iq Option.
...........
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.
.....
Cub is down by -5.93% trading at $0.040
Thanks.
Join OwlyFarm Gaming discord server: https://discord.gg/FQtyZy95Q3
Join SBT discord server: https://discord.gg/S6ED3BbFCS
Follow @sbtofficial peakd account https://peakd.com/@sbtofficial
Follow @owlyfarm peakd account https://peakd.com/@owlyfarm
Posted Using [LeoFinance Beta](https://leofinance.io/@superslayer0040/number-one-crypto-exchange-is-facing-demise
Waited 5 years, and after the platform is a success, the extort maximum "profit sharing" via fines.
Timing is everything.
Ikr,it was always been like that with S.E.C. But the bigger problem is, this action is impacting other smaller crypto consumers, this BNB we talking about.Who doesn't have bnb in their crypto wallet?
Congratulations @superslayer0040! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s):
Your next target is to reach 30 posts.
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPTo support your work, I also upvoted your post!
Check out the last post from @hivebuzz: