New concerns have emerged about Binance’s BNB after the US Securities and Exchange Commission labeled FTT as a security in a recent filing before the US District Court Southern District of New York.
The second emphasized that ftt has a purchase and depletion program similar to a share buyback program, and that they both meet the same objective of increasing the value of the asset. BINANCE also has a similar program for bnb with bnb combustion, which it introduced in 2021.
The security concerns of the Binance BNB have emerged.
Cory Klippsten tweeted that Binance.We may write off nbb due to the designation by the Sec of ftt as a security.
The same view was shared by dave warburton, who nbb and all other trading chips should be treated the same. According to warburton, the credibility of the Sec would be "totally undermined" if it did not succeed in labelling the title of the piece.
Most exchanges have avoided the listing of digital assets which the SEC could consider as collateral. For example, when the SEC filed a lawsuit against Ripple over , COINBASE immediately delisted the coin. The only major stock exchange supporting NBB in the United States is its parent company, Binance.US.
However, several members of the community countered that BNB was not similar to FTT. According to a Dec. Twenty-three twitter feeds from b, a fundamental contributor to floki inu, ftt was just the original token of the ftx crypto exchange, while bnb is not only a native binance asset but also a smart chain asset. B added that the bnb value has just been the most used redemption token in the world and blockchain the most used.
In the meantime, Binance President. Changpeng Zhao said many people "think that every "trading chip" is the same." CZ said:
“BNB has utility on Binance CEX. BNB is a two-chain native coin, BNB is the DEX (tag string), and more."
BNB Price Struggles
The ETF has lost 0.8% of its value over the past 24 hours, trading at $244.36 at the time of publication.
During the last seven days, the value of the coin against the Binance has increased by more than 7%. However, its price has declined by more than 17% in the last 30 days over growing anxieties about the solvency of the exchange. The CZ-led firm recorded strong outflows of around $6 billion as users began withdrawing funds en masse.
It was also revealed recently that Binance was being investigated by our prosecutors in connection with money laundering charges. Besides that, its auditor Mazars removed its audit for the exchange on its website while revealing that it would stop its audit for crypto firms.