SEC Opens Investigation into Binance’s BNB Token

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The Securities and Exchange Commission (SEC) has recently started investigating whether Binance’s native token BNB was a security when the company held its ICO in 2017, Bloomberg reports.

The token, which was launched in July 2017, was originally and ERC-20 token that was later (April 2019) migrated to its own blockchain.

100 million BNB were sold at a price of $0.15 during the initial coin offering. Of the total emission of 200 million tokens, 10% were received by business angels and 40% were reserved for the team of project founders.

The token’s white paper does not mention any limits for participants in the token sale. According to Bloomberg, at least one US citizen bought BNB in ​​the original sale, which allows the SEC to establish its jurisdiction to review ICOs for possible violations of US securities laws.

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