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Binance has not sold either bitcoin or Binance Coin, CEO says
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(Reuters) -Cryptocurrency exchange Binance has not sold either bitcoin or Binance Coin, its native token, the company’s CEO Changpeng Zhao tweeted on Tuesday.
(Reuters) -Cryptocurrency exchange Binance has not sold either bitcoin or Binance Coin, its native token, the company’s CEO Changpeng Zhao tweeted on Tuesday.
Last week, Binance was sued by the U.S. Securities and Exchange Commission, which listed 13 charges against the company, Zhao and the operator of its purportedly independent U.S. exchange.
The lawsuits against Binance and Coinbase Global have increased fears the crypto market’s ordeal could be prolonged further after the sector was battered by a string of meltdowns including the bankruptcy of FTX, Binance’s biggest competitor, last year.
Binance Coin has lost more than 20% in value since the SEC’s action.
(Reporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra Eluri)
Binance is a global cryptocurrency exchange platform that allows users to trade various cryptocurrencies, including Bitcoin and Binance Coin, among others.
Bitcoin is a decentralized digital currency that enables peer-to-peer transactions over the internet without the need for a central authority or intermediary.
Binance Coin (BNB) is the native cryptocurrency of the Binance exchange, used to pay for trading fees and participate in token sales on the platform.
A cryptocurrency exchange is a platform that facilitates the buying, selling, and trading of cryptocurrencies for other digital assets or traditional currencies.
A financial crisis is a situation in which the value of financial institutions or assets drops significantly, often leading to widespread economic instability.
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