BNB price tumbles as SEC files lawsuit against crypto exchange giant
Quick Take
- Crypto prices, including bitcoin and BNB, fell in value after word broke that the US Securities and Exchange Commission had sued the crypto exchange giant.
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.
RELATED INDICES
As expected, crypto prices across the market fell on the news. Bitcoin is down about 2.7% while ether has fallen roughly 1.9%.
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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