BNB: The SEC sues Binance for a securities law violation, and BNB falls

The Securities and market Commission (SEC) sued the biggest cryptocurrency market in the world yesterday, saying that it broke several securities laws. Both Binance and its founder and CEO, Changpeng Zhao, have been hit with 13 different charges. They are accused of running an unregistered securities exchange and "getting rich while putting investors' assets at risk."

Both Binance's native token and the crypto market as a whole seem to have been scared by the news of the case. Yesterday, BNB fell by almost 10%, and Bitcoin also fell by more than 5% because of the news. CEO Changpeng Zhao (CZ) tweeted in answer, "Our team is all standing by to make sure systems are stable..." But that wasn't enough to keep more than $750 million from leaving the exchange in the hours after the news broke.

Binance has been under a lot of heat lately. Two months ago, CZ was sued for $1 billion for allegedly paying celebrities to promote unregistered securities. But it's still not clear if this new suit will lead to anything. Binance's stablecoin stocks are still in good shape, which is not the case with FTC.

(The BNB)

Binance Coin, or BNB, is a coin that was made by Binance, a well-known cryptocurrency exchange. It started out as an ERC-20 coin on the Ethereum blockchain, but it later moved to its own blockchain called Binance Chain. Within the Binance community, BNB is used for more than one thing. First of all, it is used as the native currency on the Binance exchange. This means that users can pay for trade fees and take part in token sales that are held on the platform using Bitcoin. By paying fees with BNB, users can get savings and other perks. This makes it a popular choice for traders who do a lot of business. BNB has been added to many apps and services, such as decentralised finance (DeFi) platforms, where users can bet or lend their BNB to make rewards. BNB is also used on Binance Launchpad, which is a place where new projects can hold token sales and initial coin offers (ICOs).