Binance's BNB token has fallen in value in the wake of news that the U.S. Securities and Exchange Commission had sued the crypto exchange giant.
BNB is trading at about $285 against USDT, down about 6.7% in the last 24 hours, according to TradingView data.
The SEC said in its court filing that it considers BNB a security under U.S. law.
In a statement, Binance CEO Changpeng Zhao said: "Our team is all standing by, ensuring systems are stable, including withdrawals, and deposits. We will issue a response once we see the complaint. Haven't seen it yet. Media gets the info before we do."
Updated for clarity.
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