Regulators and media attacks against Binance

Binance Coin (BNB), the original token of the largest crypto exchange in the market, Binancecontinues to take losses as regulators and media attention once again shines the spotlight on the stock market – not in a positive way.

Source: AdobeStock / Diego

BNB is currently trading around $282.7, down 9.1% in the last 24 hours. The coin is down 12.2% over the past week and nearly 60% from its all-time high of $686 recorded in May 2021, according to CoinGecko.

BNB price evolution over 7 days. Source: coingecko.com

The entire cryptocurrency market is in the red today, despite BNB being one of the hardest hit among the top 100 crypto-asset groups by market capitalization.

New articles claim that US regulators are investigating whether Binance violated securities rules by selling digital tokens in an ICO (initial coin offering) in 2017.

According to Bloomberg, citing people familiar with the matter, US Securities and Exchange Commission (SEC) investigated the origin of the BNB token, which is currently the fifth largest cryptocurrency in the market with a market capitalization of over $46.19 billion. Investigators are considering whether the launch should be registered with the agency.

The article also claims that Binance will be the subject of multiple investigations in Washington, adding that the SEC is particularly interested in market makers associated with the CEO. Changpeng Zhao (Czechoslovakia).

“The Securities and Exchange Commission has expressed interest in Zhao’s holdings in market makers on Binance.US and whether the exchange has engaged in brokerage work,” Bloomberg reported, citing a person familiar with the matter.

In a statement, Binance claimed that it “would be inappropriate to comment on our ongoing discussions with regulators, including education, assistance, and voluntary responses to information requests.”

To make matters worse, a Reuters article accused the cryptocurrency exchange of operating as a conduit for laundering at least $2.3 billion in illicit money between 2017 and 2021.

The news agency alleges that Binance has handled hacking, fraud and illegal drug sales for five years, with Reuters claiming it worked with blockchain analytics firms. String analysis And the Crystal Blockchain To track money, while reviewing court records and law enforcement data.

In response, Binance reviewed emails exchanged with Reuters reporters and said the article was “full of lies” and based on poor data.

“We strongly suggest that you disregard authors and experts who carefully select data, rely on improperly verifiable ‘leaks’ from regulators, and fuel a cult of paranoia for financial gain,” Binance said.

This is not the first time that Binance and Reuters have been at loggerheads. In another article from April, Reuters claimed that the Russian head of Binance agreed to share customer data with the Russian authorities, which Binance immediately denied, saying the information was false.

A Binance spokesperson told Reuters regarding this latest article Cryptonews.com They were aware of this somewhat wrong opening beforeAngus Berwickstating:

“It should be noted that the article uses outdated information from 2019 and unverified personal testimonies as an argument for constructing a false narrative.”

They further claim that Binance has “some anti-money laundering policies in place.” [anti-blanchiment d’argent] The most stringent regulation in the fintech industry” and that it “also helps law enforcement deal with cybercrime and financial crime.”

The spokesperson said that Binance would welcome the opportunity to hold an executive accountable, but was hopeful that “the editors would be reluctant to publish another article by these authors after the information published in their latest article was brutally rejected by several third parties, including one of the key figures in their story.” Chief of Staff Alexei Navalny.

Follow our affiliate links:

  • To buy cryptocurrency in SEPA region, Europe and French citizensVisit Coinhouse
  • To buy cryptocurrency in CanadaVisit Bitbuy
  • To generate interest in your bitcoinsGo to the BlockFi website
  • To secure or store your cryptocurrencyGet Ledger or Trezor wallets
  • To trade your cryptocurrency anonymouslyInstall the NordVPN app

To invest in cryptocurrency mining or masternodes:

To collect coins while playing:

  • In poker on the CoinPoker gaming platform
  • To global fantasy football on Sorare

Stay informed with FREE Weekly Newsletter And our social networks:

Leave a Reply

Your email address will not be published.