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.
Binance Coin (BNB) is trading at about $285 against USDT, down about 6.7% in the last 24 hours, according to TradingView data.
The SEC said in its court filing that it considers BNB a security under U.S. law.
As expected, crypto prices across the market fell on the news. Bitcoin is down about 2.7% while ether has fallen roughly 1.9%.
In a statement, Binance CEO Changpeng Zhao said: “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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Source: https://www.theblock.co/post/233151/binance-coin-price-tumbles-as-sec-files-lawsuit-against-crypto-exchange-giant?utm_source=rss&utm_medium=rss