Thursday, Aug 18, 2022
Outlook Money

US SEC Investigating Binance's Initial Coin Offering In 2017, Says Report; BNB Down 7%

Binance Coin (BNB) was launched in 2017 but not registered with the US SEC. BNB and other major cryptocurrencies fall.

Binance (BNB)

The US Securities and Exchange Commission (SEC) is reportedly investigating Binance’s initial coin offering of its crypto token Binance Coin (BNB), which was launched in 2017. At that time, it was not registered with SEC, according to sources quoted by Bloomberg. Initial coin offering is when a company offers its crypto coin for the first time to public investors.

"As the industry has grown at a rapid pace, we have been working very diligently to educate and assist law enforcement and regulators in the US and internationally, while also adhering to new guidelines," a spokesperson for Binance told Coindesk.

The global crypto market capitalisation went down by 4.83 per cent to $1.21 trillion as of 8.50 am. However, the global crypto volume was up by a massive 57.96 per cent to $80.97 billion, as per Coinmarketcap data.

Cryptocurrency Prices

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $29,437.39, lower by 4.85 per cent in the last 24 hours. Ethereum (ETH) was down by 6.7 per cent to $1,739.57. 

The market leader was trading at about $31,000 at the beginning of the week, and is currently trading slightly below $30,000. Ether has retraced by about 7% in the last 24 hours, with major altcoins following a similar pattern. Currently, volatility is fading in the  crypto markets, however the fear and greed index continues to register in extreme fear territory. High dives with Bitcoin will most likely be unexpected," says Gaurav Dahake, CEO and founder, Bitbns.

Among other significant coins, Cardano (ADA) was down by 1.42 per cent at $0.5822, Algorand (ALGO) was trading with a loss of 5.01 per cent at $0.3834, Solana (SOL) was trading with a loss of 4.3 per cent at $39.02, Polkadot (DOT) was down by 7.58 per cent at $8.98, and Binance Coin (BNB) was down by 6.5 per cent at $285.78.

US SEC Investigating Binance's Initial Coin Offering In 2017
US SEC Investigating Binance's Initial Coin Offering In 2017

Today’s top gainer was GOMA Finance (GOMA), which was up by 1262.45 per cent at $0.000000003921. The top loser was Revolotto (RVL), which was down by 90.55 per cent at $0.01065. 

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 4.71 per cent at $0.07885. Its volume to market cap ratio stands at 0.05475. Rival Shiba Inu (SHIB) was down by 4.64 per cent at $0.00001051.

Dogelon Mars (ELON) lost 6.74 per cent to trade at $0.0000004289, Floki Inu (FLOKI) was down by 3.92 per cent at $0.000008326 and Samoyed Coin (SAMO) lost 0.54 per cent at $0.005657. 

In the DeFi segment, YFI ( was down by 5.4 per cent at $7,217.60, and Terra Classic (LUNC) was trading with a loss of 9.3 per cent at $0.0000736. Avalanche (AVAX) was down by 9.13 per cent at $23.49, Uniswap (UNI) was trading with a loss of 4.6 per cent at $5.02, and Aave (AAVE) fell by 9.51 per cent at $98.99.