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US regulators are probing whether Binance Holdings Ltd violated securities rules by selling digital tokens five years ago when the crypto exchange launched.
Source: Bloomberg
BNB USD down -6.38%, XRPUSD down -3.64%
The Securities and Exchange Commission’s review investigates the origins of both the firm and its BNB token, the world’s fifth-biggest cryptocurrency.
Officials are reviewing whether the 2017 initial coin offering amounted to the sale of a security that should have been registered with the agency.
Scrutiny of BNB’s origins may be a troubling occurrence for Binance as it struggles with numerous investigations in Washington.
The SEC has launched a number of enforcement measures over ICOs, which involve the issuance of virtual coins to raise capital. BNB has been a key feature of Binance’s expansive crypto ecosystem.
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