As regulatory activities begin to rally within the cryptocurrency space, the mantle of battling the Securities and Exchange Commission (SEC) has now been passed to Changpeng Zhao, the CEO of Binance.
On 6 June, it was reported[1] that the SEC has launched an investigation into whether Binance Holdings Ltd, the owners of BNB tokens broke securities law when it offered the tokens for sale in an Initial Coin Offering (ICO) in 2017. The SEC seeks to determine whether the sale of the BNB tokens amounted to the sale of security required by law to be registered with the commission.
In a statement, Binance stated that “It would not be appropriate for us to comment on our ongoing conversations with regulators, which include education, assistance, and voluntary responses to information requests.” The company added that it works with authorities and will continue to meet all requirements set by regulators.
In light of this development and the possibility of a long-drawn legal battle between Binance and the SEC, how has the BNB token performed in the last 24 hours?
Look CZ, BNB holders are selling!
Down 8.56% in the last 24 hours, holders of the BNB token seem to be disposing of the coin. Trading volume in the last 24 hours was spotted at a high of 78.29% at the time of writing. With a decline in price, this only points to one thing; investors are selling off the BNB token in their numbers.
At $46.28b at press time, the market capitalization of the BNB token also saw about an 8% decline in the last 24 hours.
A look at movements on the price charts revealed that the token has been struggling to keep the bears away for the past 24 hours. Headed downwards, the Relative Strength Index (RSI)
