SEC Launches Investigation Against Binance Coin (BNB)
Photo: Twitter
The initial coin offering that served as the cornerstone of the launch of the Binance cryptocurrency exchange in 2017 is getting a fresh look from federal regulators. According to anonymous sources cited in a Bloomberg report, the Securities and Exchange Commission (SEC) is revisiting the origins of the exchange's Binance Coin (BNB) for potential violations of securities regulations.
The SEC is now investigating Binance's #BNB cryptocurrency.
— Watcher.Guru (@WatcherGuru) June 6, 2022
Since its launch in 2017, Binance has become far and away the largest cryptocurrency exchange on the market by trading volume. The Commission is investigating Binance Holdings Ltd., the report claims, for potentially breaking U.S. securities law. Binance was launched in 2017, and in July that year, it deployed its native token via an Initial Coin Offering (ICO). Binance Coin (BNB) was distributed amongst early backers and angel investors and the exchange’s core team.