Binance’s BNB Token Falls as SEC Sues Crypto Exchange Giant
Binance’s BNB token has fallen in value in the wake of news that the U.S. Securities and Exchange Commission had sued the crypto exchange giant.
According to TradingView data, BNB is currently trading at approximately $285 against USDT, experiencing a decrease of about 6.7% in the last 24 hours.
The SEC, in its court filing, stated that it considers BNB a security under U.S. law.
Unsurprisingly, the news caused a decline in cryptocurrency prices across the market. Bitcoin has decreased by about 2.7%, while ether has fallen approximately 1.9%.
Binance CEO Changpeng Zhao issued a statement, saying: “Our team is all standing by, ensuring systems are stable, including withdrawals and deposits. We will issue a response once we see the complaint. Haven’t seen it yet. Media gets the info before we do.”
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