Binance's native token BNB reversed its downward trend and began to rebound.The native token BNB of Coin An has reversed the downward trend and alleviated the concerns of digital asset investors
The native token BNB of Coin An has reversed the downward trend and alleviated the concerns of digital asset investors. In the past two days, BNB has experienced a 10% rebound to reach $251, while the top 100 coins in the Bloomberg Index remain relatively unchanged.
According to CoinMarketCap data, the token has fallen by 10.8% in the past 7 days, reaching its lowest level since 2022.
The SEC lawsuit wiped out most of BNB's profits
This decline in the Cryptocurrency market was triggered by the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Coin Security Holdings Co., Ltd. and its founder Changpeng Zhao. The SEC has identified BNB as one of several unregistered securities in the field of digital assets. BNB is the fourth Cryptocurrency by market value, which is closely related to the success of the Currency Exchange and provides users with discounts on transaction fees.
Although Coin An responded to the SEC lawsuit and helped stabilize BNB's price, Matrixport research director Markus Thielen warned that there are still potential risks in the future as the US Department of Justice may file further charges. Thielen emphasized the importance of the BNB key threshold, which is located at the $200 level.
Speculation about the sale of Bitcoin and Stablecoin by Coin Security to support BNB prices spread on Twitter. However, a spokesman for Coin Security denied these claims, saying that the company did not carry out any such sales for this purpose.
Qian An and Zhao Zheng face charges from the SEC, including allegations of improper handling of client funds, misleading investors and regulatory agencies, and violating securities rules. Coin An expressed disappointment and promised to fully defend its platform.
Recent events, including the FTX issue, have raised concerns about the flexibility of the Cryptocurrency trading platform. The SEC has been strengthening its regulatory review of Cryptocurrency. Although countries around the world are actively embracing Cryptocurrency, the US regulators are trying to strengthen control over the industry.
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