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Home Altcoins

Is the SEC attempting to draw parallels between Binance and FTX?

November 29, 2023
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Journalist

Posted: November 29, 2023

  • SEC continued its search for fraud at Binance.
  • Global exchange volumes remained unchanged; however, the BNB token took a hit.

US regulatory bodies were on a roll in the past year. With multiple legal battles in the crypto sector, these agencies seem like they are going all-in on their scrutiny of the crypto sector.

The SEC won’t stop

The SEC intensified its search for potential fraud at Binance US following charges brought by the DOJ against Binance and its ex-CEO Changpeng Zhao.

The ongoing SEC lawsuit alleges endangerment of client funds. In the aftermath of Binance’s DOJ settlement, the SEC aims to strengthen its case, seeking parallels with the FTX investigation.

Specifically, the SEC is exploring evidence of Binance US granting CZ a backdoor for asset control, mirroring concerns raised about Sam Bankman-Fried at FTX.

While the SEC’s lawsuit hinted at potential fraud, concrete proof remains elusive. The recent DOJ investigation into Binance may catalyze the SEC’s efforts.

Binance settled with the US government, agreeing to a $4.3 billion payment, and CZ stepped down as CEO as well.

Current state of affairs

The SEC’s intensified search for potential fraud at Binance US poses a significant negative impact. If the SEC uncovers evidence supporting allegations, it could lead to legal consequences and financial penalties for Binance.

The ongoing scrutiny may erode trust among users and investors. It could potentially result in a decline in the platform’s user base.

Additionally, negative publicity and legal challenges may hinder Binance’s reputation. It could also affect the regulatory environment in the larger scheme of things.

See also  XRP Declares War On Uncertainty: Analyst Predicts Breakout

At press time, the volumes on the Binance US exchange had fallen materially and could not recover. However, volumes on Binance exchange globally were not impacted.

Source: The Block

BNB holders get impacted

However, the BNB token, which is closely associated with Binance, was affected greatly. At press time, BNB was trading at $227.59.

The price of the token fell materially in the last few days. This resulted in the BNB token pushing past its previous high lows. If this momentum is sustained, it could establish a bearish trend going forward.


Realistic or not, here’s BNB’s market cap in BTC terms


The chatter around Binance allowed for the social volume of BNB to rise. However, the weighted sentiment around the token plummeted.

This meant that a lot of people were losing faith in the BNB token. It remains to be seen whether the BNB token will be able to get back on its feet going forward.

Source: Santiment

 

READ ALSO

CryptoGames now supports Tether (USDT) for deposits and announces partnership with Bitinvestor

Toncoin heats up: What does $398M in trading volume indicate?

Journalist

Posted: November 29, 2023

  • SEC continued its search for fraud at Binance.
  • Global exchange volumes remained unchanged; however, the BNB token took a hit.

US regulatory bodies were on a roll in the past year. With multiple legal battles in the crypto sector, these agencies seem like they are going all-in on their scrutiny of the crypto sector.

The SEC won’t stop

The SEC intensified its search for potential fraud at Binance US following charges brought by the DOJ against Binance and its ex-CEO Changpeng Zhao.

See also  BONE Garners 20,000 Picks On Binance Futures NEXT Program

The ongoing SEC lawsuit alleges endangerment of client funds. In the aftermath of Binance’s DOJ settlement, the SEC aims to strengthen its case, seeking parallels with the FTX investigation.

Specifically, the SEC is exploring evidence of Binance US granting CZ a backdoor for asset control, mirroring concerns raised about Sam Bankman-Fried at FTX.

While the SEC’s lawsuit hinted at potential fraud, concrete proof remains elusive. The recent DOJ investigation into Binance may catalyze the SEC’s efforts.

Binance settled with the US government, agreeing to a $4.3 billion payment, and CZ stepped down as CEO as well.

Current state of affairs

The SEC’s intensified search for potential fraud at Binance US poses a significant negative impact. If the SEC uncovers evidence supporting allegations, it could lead to legal consequences and financial penalties for Binance.

The ongoing scrutiny may erode trust among users and investors. It could potentially result in a decline in the platform’s user base.

Additionally, negative publicity and legal challenges may hinder Binance’s reputation. It could also affect the regulatory environment in the larger scheme of things.

At press time, the volumes on the Binance US exchange had fallen materially and could not recover. However, volumes on Binance exchange globally were not impacted.

Source: The Block

BNB holders get impacted

However, the BNB token, which is closely associated with Binance, was affected greatly. At press time, BNB was trading at $227.59.

The price of the token fell materially in the last few days. This resulted in the BNB token pushing past its previous high lows. If this momentum is sustained, it could establish a bearish trend going forward.

See also  MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

Realistic or not, here’s BNB’s market cap in BTC terms


The chatter around Binance allowed for the social volume of BNB to rise. However, the weighted sentiment around the token plummeted.

This meant that a lot of people were losing faith in the BNB token. It remains to be seen whether the BNB token will be able to get back on its feet going forward.

Source: Santiment

 

Tags: AttemptingBinancedrawFTXparallelsSEC

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UK risks regulating NFTs the wrong way, says Mintable CEO

October 30, 2023
Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024
How to Earn Keys to Boost Your HMSTR Airdrop

How to Earn Keys to Boost Your HMSTR Airdrop

September 10, 2024

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EDITOR'S PICK

From ‘Bitcoin for criminals’ to ‘flight to quality’ – SEC’s changing stance

From ‘Bitcoin for criminals’ to ‘flight to quality’ – SEC’s changing stance

November 14, 2023
Ethereum can rally to $6K only if ETH holds THIS support

Ethereum can rally to $6K only if ETH holds THIS support

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Ethereum’s next move remains uncertain amid whale sell-offs – What next?

Ethereum could reach $12K, but only if THESE conditions are met

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Bitcoin reclaims $69K: Will whales, retail investors push BTC to $75k?

Bitcoin reclaims $69K: Will whales, retail investors push BTC to $75k?

April 7, 2024

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