Binance’s Original Crypto Token Under US SEC Scanner For Non-Registration In 2017
Binance recently came into the news again, but this time it’s because the US SEC is investigating its original BNB token ‘ERC-20’ for non-registration in 2017.
Binance is today the world’s largest cryptocurrency exchange platform by volume, but back when it launched its ERC-20 based Binance Coin (BNB) initial coin offering (ICO) between June 26, 2017 and July 3, 2017, it had not registered this sale with the US’ Securities and Exchange Commission (SEC).
This ICO sale in 2017 had 100,000,000 BNB tokens, and the price was set at 1 Ethereum for 2,700 BNB tokens or 1 Bitcoin for 20,000 BNB.
Apart from this, Binance is now also in the news for investing an undisclosed amount in PancakeSwap, the largest decentralised exchange (DEX) built on the BNB Smart Chain with over 400,000 users. This caused PancakeSwap’s native token CAKE price to jump by over 10 per cent in early morning trade.