The cryptocurrency market remains in a downtrend of up to 8% led by Solana, followed by BNB and Ethereum (-5%). There are already nine days of falls in the sector, which reaffirms the theory of analysts that the rises reaped in recent days have been nothing more than a bullish rally in a bearish market that for now does not change its trend.
According to reports from Bloomberg, US authorities are investigating whether Binance Holdings Ltd broke securities regulations by selling digital tokens just as the crypto exchange was taking off five years ago. The review by the US Securities and Exchange Commission looks into the origins of the company and those of its BNB token, which is now the fifth largest cryptocurrency in the world. Investigators are examining whether the 2017 initial coin offering amounted to a sale of a security that should have been registered with the SEC, the sources told Bloomberg.
“Binance Coin (BNB) has been on a downtrend in the last couple of days as the United States Securities and Exchange Commission (SEC) launched an investigation against the native Binance token. The hourly chart of BNB has broken below the triangle pattern. Immediate support is expected for Binance Coin at the $221 level“, according to analyst WazirX Trade Desk.
In a statement, Binance said that “it would not be appropriate for us to comment on our ongoing discussions with regulators, which include education, assistance, and voluntary responses to requests for information.” The company added that it works with the authorities and will continue to comply with all the requirements established by the regulators.
Binance Coin (BNB) is a token issued by the Binance cryptocurrency trading platform. Initially created on the Ethereum blockchain as an ERC-20 token in July 2017, BNB was migrated to Binance Chain in February 2019 and became the native currency of Binance Chain.
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Source: Ambito
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