JAKARTA - Crypto market watchdog, the US Securities and Exchange Commission (SEC) has reportedly started an investigation into Binance (BNB). The SEC is digging for information to find out whether or not Binance violated the securities laws when the company made its initial coin offering (ICO) in 2017.
If the SEC finds evidence that BNB's ICO is an unlisted securities offering, it has the potential to occupy the same position as Ripple (XRP). The SEC vs XRP case started in December 2020 and is still ongoing today.
According to reports, the outcome of the BNB investigation will be decided in the next few months. Binance declined to comment on the US regulator's investigation.
“It is inappropriate for us to comment on ongoing discussions with regulators, which include education, assistance, and voluntary responses to requests for information,” Binance said in a statement.
On the other hand, Binance emphasized that it will fulfill various requirements requested by regulators. The company also explained that Binance.com and Binance.us are different companies.
Binance.us independently issued a statement, stressing that it is “committed to upholding the highest standards of compliance.”
Crypto trading platforms are facing a lot of investigation in Washington. In addition to investigating possible trading violations by Binance insiders, securities regulators are also investigating a market maker company linked to Binance CEO Changpeng Zhao (CZ).
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