The United States Securities and Exchange Commission (SEC) is investigating whether Binance’s initial coin offering (ICO) of its Binance coin (BNB) token in 2017 was an unregistered security offering that should have been registered with the regulatory agency, Bloomberg reported on Monday June 6th 2022, citing confidential sources.

Without commenting on the details of the reported probe, a spokesperson for Binance said CoinDesk via email “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 United States and internationally, while also adhering to new guidelines. We will continue to meet all requirements set by regulators.”

Binance is currently under investigation in the United States by the Justice Department, the Commodity Futures Trading Commission (CFTC) and the Internal Revenue Service (IRS). Binance is the world’s top crypto exchange and says it’s not domiciled in any one country.The SEC is also investigating market making companies owned or partially owned by Binance CEO Changpeng Zhao (CZ) that do business with www.Binance.US (Binance US Exchange), an US based affiliate of the global exchange, according to a person familiar with the review, Bloomberg reported..

According to the report, one of the SEC’s focuses is on whether www.Binance.US (Binance US Exchange) is wholly independent of the global exchange and whether employees may be involved in insider trading. An SEC spokesperson declined to comment on the existence of any possible probe.

BNB plunged 4% after news of the report came out in media.

Writer & Editor: Ravikant Upadhyay (+91.8085883358)

(Entrepreneur, Programmer, Trader, Investor, Writer, Reporter, Thinker, Mentor, Astrophile)

Business Finance & Banking International Ministry & Administration Science & Technology Stock & Crypto Market
Keywords: binance, bitcoin, bnb, changpeng zhao, crypto, cz, ico, investigation, sec, token, trading, united states, us,