Deepti Sri · · 1 min readUS market regulator probes Binance for token offering in 2017
US market regulators are conducting a probe into crypto exchange Binance for allegedly violating rules regarding the sale of securities when its BNB token was sold through an initial coin offering (ICO) in 2017, Bloomberg reported.
Investigators at the US Securities and Exchange Commission (SEC) are looking into whether BNB’s initial coin offering should have been registered with US regulators.
In December, Binance Asia Services, the Singapore entity of crypto exchange Binance, withdrew its application for a cryptocurrency exchange license in the city-state after the Monetary Authority of Singapore put it on an investor alert list for providing payment services to Singaporeans without a necessary license.
Meanwhile, the Securities Commission Malaysia also issued a cease and desist against Binance and CEO Changpeng Zhao for operating without a license in July 2021, effectively barring the company from directly setting up shop in the country.
See also: Org Chart: A closer look at the people who run Binance
Editing by Jaclyn Tiu
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