But it hasn’t led to a significant price rally. The exchange decided to seek dismissal of CFTC’s complaint.Įarlier, BNB’s price rose barely 7% after Ripple secured a partial victory in its legal battle with the SEC in mid-July. Commodity Futures Trading Commission (CFTC) filed a lawsuit accusing the exchange and its founder Changpeng Zhao “CZ” of violating local compliance rules to expand its business. ![]() As a result, they were exploring alternatives such as imposing fines or establishing non-prosecution agreements with Binance, aiming to mitigate potential harm to consumers. Officials at the DoJ are concerned, Binance could trigger a situation similar to what FTX experienced in 2022. ![]() Department of Justice (DOJ) was reportedly contemplating the possibility of bringing fraud charges against cryptocurrency exchange Binance. Speculations are rife around a possible case of insider trading. TradingView shows a surge in aggregated sell orders of about 125,000 BNB worth $37 million just before the U.S. Securities and Exchange Commission (SEC) sued the exchange in early June for allegedly violating federal securities laws. The French authorities are also reportedly investigating the exchange on “aggravated money laundering” charges. Belgium also ordered the exchange to suspend its operations in the country. The exchange opted to quit the Netherlands after failing to register there. It also gave up its registration with regulatory bodies in the United Kingdom and Cyprus. The exchange withdrew its request for regulatory approval in Austria. Germany’s financial regulator rejected Binance’s request for a crypto custody license. Binance is the first fully licensed crypto exchange in the country.īinance is under regulatory scrutiny across several countries in Europe also. ![]() Meanwhile, the exchange secured a license to operate in El Salvador. In Nigeria, a leading trade association urged the national government to ban the activities of Binance. Notably, the exchange is battling the regulators not only in the U.S. CEO Brian Shroder resigned as the exchange was laying off one-third of its workforce. ![]() The current price of BNB is updated and available in real-time on Binance.It emerged last month that Binance’s U.S. Although the initial total supply was set at 200 million coins, the supply is gradually decreasing as a result of frequent coin burns. Originally launched as an ERC-20 token on the Ethereum blockchain, BNB has now migrated to the main BNB Chain. With various applications both within the BNB Chain ecosystem and beyond, BNB serves numerous purposes. Although BNB was launched through an ICO, BNB does not provide users with a claim on Binance profits and does not represent an investment in Binance. The issue price was 1 ETH for 2,700 BNB or 1 BTC for 20,000 BNB. As one of the world's most popular utility tokens, BNB is useful to users in a wide range of applications and use cases.īNB was launched through an Initial Coin Offering (or ICO) that took place from June 26th to July 3rd, 2017 - 11 days before the Binance Exchange opened for trading. BNB is also the cryptocurrency coin that powers the BNB Chain ecosystem. BNB is a cryptocurrency that can be used to trade and pay fees on the Binance cryptocurrency exchange.
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