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Binance Reportedly Faces Probe From the US SEC Over BNB’s Sale

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Cryptocurrency exchange giant Binance is reportedly under investigation by the U.S. Securities and Exchange Commission (SEC), which is investigating the sale of the cryptocurrency company’s own coin, BNB.

  • According to bloomberg In a report on Monday (June 6, 2022), the US watchdog is looking into Binance’s initial coin offering (ICO) back in 2017 to see if the BNB exchange token was sold as a non-registered security.
  • Anonymous sources noted that the SEC investigation into the BNB token “probably won’t be completed in a few months.” While the Commission has yet to release an official statement, a Binance spokesperson said:

“It would be inappropriate for us to comment on our ongoing conversations with regulators, which include training, assistance and voluntary responses to requests for information. We will continue to comply with all requirements set by the regulators.”

  • In addition to checking BNB, the SEC also investigates the exchange for possible insider trading, and also checks if the company’s US branch (Binance.US) is independent of the global trading platform.
  • In addition, the US Securities and Exchange Service is reportedly scrutinizing market makers associated with Binance CEO Changpeng “CZ” Zhao.
  • The last event took place shortly after Reuters investigative report it was revealed that the exchange giant served as a channel for laundering illegal funds in the amount of at least $ 2.35 billion.
  • Binance has been scrutinized by other US regulators such as the Commodity Futures Trading Commission (CFTC) and the Internal Revenue Service (IRS).
  • Meanwhile, the company could suffer the same fate as Ripple if the SEC sees BNB as a security token. The latter is in a legal battle with the regulator after it claimed that Ripple had an unregistered $1.3 billion securities offering.
  • CZ later released a company statement on the matter in an attempt to disprove the money laundering allegations through a detailed email exchange with Reuters.
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Credit : cryptopotato.com

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