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Binance’s Cryptocurrency, BNB, Drops to Two-Month Low Following SEC Lawsuit

Binance's cryptocurrency, BNB, suffered a 8.74% decline to reach a two-month low of $278.55 following the Securities and Exchange Commission's (SEC) legal action against the exchange for allegedly conducting an illegal operation in the US. This is the largest one-day drop for BNB this year, as US regulators continue to clamp down on crypto firms. The SEC claims that Binance and its founder misused customers' funds and engaged in manipulative trading. Binance, a major cryptocurrency exchange, is being sued by the SEC for violating several US regulations, including allowing American users to trade on its unregistered platform and engaging in backroom asset shuffling without informing customers. Forbes also reported that Binance withdrew from a non-binding agreement to acquire FTX's non-US operations after the company's collapse.

BNB BNB $683.31
-0.93%
Binance Cryptocurrency SEC
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