Zhitong Financial APP has learned that after the U.S
Zhitong Financial APP has learned that after the U.S. Securities and Exchange Commission (SEC) sued Yuan'an and its founder Changpeng Zhao for violating the rules, the token BNB of Yuan'an fell by about 25% from June 5 to June 12, reaching the lowest level since 2022. However, data shows that BNB has rebounded by about 10% in the past two days to $245, while the index of the largest 100 tokens has remained almost unchanged.
The previous sharp drop in BNB prices has sparked nervousness among digital asset investors. The SEC stated that BNB is one of the numerous unregistered securities in the digital asset sector. According to CoinGecko's data, this token is the fourth largest token of Cryptocurrency, with a market value of $39 billion. Users can receive discounts on transaction fees, and the success of BNB and Coin An is seen as complementary.
The SEC accuses Qian An and Zhao of improper handling of customer funds, misleading investors and regulatory agencies, and violating securities rules. Coin An called this move "disappointing" and stated that it will "vigorously" defend its platform.
Changpeng Zhao said that the user assets of the exchange and the US dollar are "1:1 supported", and it can always meet the withdrawal request, "because we run a very simple business model - holding assets and generating income from transaction costs".
Markus Thielen, head of research at Matrixport, stated that Coin's response to SEC litigation helps stabilize BNB, but there are risks in the future as the US Department of Justice may follow up on the allegations. Thielen pointed out that "more negative news may still spread" and stated that $200 is an "important psychological level" worth paying attention to.
Twitter is full of speculation, saying that Coin An sold its own Bitcoin and Stablecoin (that is, tokens worth $1) to raise funds to support the price of BNB. But Changpeng Zhao denied this speculation, saying that the company did not carry out any such sales to raise funds to support BNB.
After the collapse of FTX, investors became wary of the native tokens of cryptocurrencies. The sharp drop has also made the industry uneasy about the flexibility of trading venues.
After the SEC filed a lawsuit, some investors withdrew funds from Yenan, resulting in a net outflow of funds from the Ethereum blockchain for seven consecutive days. According to Dune Analytics data from 21 SharesAG, the issuer of exchange traded products, the maximum outflow after the SEC took action was $702 million. However, data shows that the outflow of funds is gradually decreasing, with a net inflow of $455 million into the Coin Security platform on Monday.
However, some bystanders remain cautious. CiciLu, founder of blockchain consulting firm VennLinkPartners, said, "Currently, reputation and headline news risks are certain to harm the Coin An brand
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