The local exchange BNB, the world's largest exchange, has fallen 7.93% in the past 24 hours
The local exchange BNB, the world's largest exchange, has fallen 7.93% in the past 24 hours. This decline may be the result of the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Binance on June 5.
According to regulatory agencies, Binance, including its US entities, has engaged in multiple violations. The SEC accused Changpeng Zhao (CZ), the chief executive of Yuanan, of illegally misappropriating customer funds for personal use. In addition, Cryptocurrency such as BNB, Solana (SOL) and Cardano (ADA) were marked as "unregistered securities" in the litigation.
Dealing with the withdrawal trend
Gary Gensler, the chairman of SEC, defended the agency's position, saying that through 13 charges, they accused Changpeng Zhao and Binance entities of participating in a wide range of fraud, conflict of interest, lack of disclosure and deliberately evading the law network.
The exchange has begun to feel the consequences of regulatory actions, and according to CryptoQuant, there has been a surge in requests to withdraw funds from the exchange since the news spread. In addition to BNB, Stablecoin, Bitcoin (BTC) and Ethereum (ETH) also have large withdrawals. This resulted in the Binance exchange's net flow entering a negative range.
Coin An has made a formal response to the SEC's lawsuit. The exchange refuted the agency's failure to define a clear regulatory structure in its response. Yuan An expressed disappointment and pointed out that the U.S. Securities and Exchange Commission failed to protect the interests of users. Yuan An mentioned that "on the contrary, the U.S. Securities and Exchange Commission's action seems to be in a hurry to obtain jurisdiction from other regulators, and investors are not its primary task".
BNB: bearish outlook continues to loom
From the daily chart, the Smooth Similarity Moving Average (MACD) falls into a negative range, which means that the negative trend is further strengthened and sellers control the market. Therefore, the trading price of BNB at $276.6 may further decline.
Overall, the recent controversy has led to the fragmentation of the encryption community. Some people believe that there is a dark side to the operation of Coin An and it is worth investigating. But others believe that these allegations are Political repression. No matter which direction things tilt, BNB may still be in a bearish state for the time being.
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