9/12/2023 0 Comments Binance coin price in january 2021investments in BNB.” The action further charges that Binance.US violated securities laws by selling BNB to more than 40,000 U.S. as part of its 2017 initial coin offering (ICO), stating that “Binance’s ICO was marketed and sold to investors globally and Binance imposed no restrictions on U.S. Hence, the suit asserts that unlawfully sold BNB in the U.S. Of course, neither Binance nor any other coin issuer has sought approval from the SEC. customers must be registered with the agency. The complaint, for the first time, establishes the SEC’s position that BNB is a “security,” which to be lawfully sold and traded to U.S. In the complaint, the regulator names the parent of the global exchange, Binance Holdings Ltd., as a defendant. operation could also inflict big damages on. It’s even possible that the SEC action mainly targeting the U.S. And now, as demonstrated by its recent sharp decline, the inevitable cracks are showing, and the fissures threaten to bring down the entire edifice. (You can read my earlier feature for Fortune about how Binance makes its money here.) Put simply, Changpeng “CZ” Zhao built his entire empire on the faulty foundation of BNB. What’s been mostly overlooked is the extreme vulnerability of, the giant global exchange, to a loss of confidence and steep fall in price in its native self-created coin, BNB. Though the American affiliate is now imperiled, it represents a tiny part of the Binance empire that as recently as December, controlled two-thirds of all the buying and selling of cryptocurrencies. And if granted by the courts, the SEC’s proposed asset freeze would deliver a death blow. The agency’s broadside, launched on June 5, prompted banks serving Binance.US to cease allowing its customers to use dollars for purchasing the tokens they trade on the platform, a hit that if not reversed, will chase traders away in droves. So far, the main impact of the SEC lawsuit against Binance appears to be the crippling of its U.S.
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