Binance coin (BNB), the native token of Binance crypto exchange has its values tanking after a series of negative media publicity. A new regulatory scrutiny as well as a media report has created a lot of bad publicity for the world’s largest crypto exchange.
BNB Feels The Heat Of Adverse Media Reports
Till last reports coming in BNB is changing hands at USD 290.37 which indicates that it has made up some of its loses and up 0.09% in the last 24 hours. The coin has tanked by 12.2% over the past week and by almost 60% from its all-time high of USD 686 recorded in May 2021 as reported by CoinGecko.
As per a report by Bloomberg which quoted sources that the US Securities and Exchange Commission (SEC) is probing the origin of the BNB token. The BNB token is presently having a market capitalization of over USD 46.19bn which places it as the fifth-biggest crypto coin. Investigators are also investigating if it was necessary for the launch to be registered with the agency.
The report further added that Binance is facing multiple investigations in Washington and the SEC is looking at market-making companies tied to CEO Changpeng Zhao (CZ).
Bloomberg further claimed that SEC is looking into Zhao’s ownership stakes of market makers on Binance and checking out if the exchange has conducted broker-dealer activities.
Binance has in a statement said that it will be inappropriate to comment since the investigation is on.
Binance A Front For Hackers Alleges Reuters
In another development Reuter’s has indicted the crypto exchange of serving as a conduit for laundering at least USD 2.3bn worth of illicit funds during the period between 2017 and 2021. It has also accused Binance of serving the interests of North Korean companies which has used the exchange to launder illegal money from hacks and other fraudulent activities.