The US Securities and Exchange Commission has started an investigation on Binance’s native token BNB whether five years ago the Binance Holdings Ltd has violated the safety rules by trading digital tokens just like the crypto exchange was getting off the ground. as a result, the BNB value dropped to $283 more than 7% of the prior worth.
WazirX Trade desk said that the Binance Coin has been down for a couple of days as the regulatory body has started the investigation against BNB. The hourly chart for BNB has broken below the triangle pattern. And the immediate support for BNB is expected at the $221 level.”
BNB is the native token of the cryptocurrency exchange Binance. It was originally created on the blockchain of Ethereum in the year 2017. Later in the year 2019, it was migrated over to Binance blockchain.
The US Securities and Exchange Commission has been looking into the firm’s origins and the BNB token too which is now placed as the fifth-largest cryptocurrency in the world.
Investigators are thriving into the matter if initially in 2017 the coins offered have amounted to the sale of a security if they were registered with the agency.