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Binance Coin (BNB): price of the crypto dumps -25% in the past 7 days

Binance Coin (BNB), the industry’s most popular crypto exchange, has seen a -25% price dump in the past 7 days

A week in which it has been under indictment by the US Securities and Exchange Commission (SEC). 

Binance Coin (BNB) and the 25% crypto price dump 

It has been exactly since Sunday 4 June that Binance Coin (BNB), the cryptocurrency of the most popular crypto exchange in the industry, has been experiencing a price dump. 

Specifically, in the past 7 days, the dump has been -25%, with the price of BNB dropping from $300 to the current $225

This is a big loss for Binance’s crypto, which with its more than $35 billion market capitalization (at the time of writing), continues to remain in fourth place in the overall rankings

BNB’s present price is still lower than its price in November 2022, a time when the collapse of the FTX crypto-exchange had influenced the overall crypto market collapse. 

However, this is also due to the fact that now the main player, at least in the US, is Binance itself and its founder and CEO Changpeng CZ Zhao, who have been charged by the SEC with serious malfeasance and legal violations

Binance Coin (BNB) and the SEC’s lawsuit against the crypto-exchange

The SEC’s complaint to Binance cited 13 different wrongdoings and included allegations very similar to those aimed at failed crypto-exchange FTX and its trading company Alameda Research. 

These include commingling of corporate and customer activities, the misuse of customer funds, and the possible manipulation of the native token market. 

In addition, regulators also said that Binance allegedly attracted US customers, despite the fact that it operated outside the country and was not registered in the US. 

The SEC then allegedly asked the court for an order for “verified” hearings of the finances of Binance and Binance.US and then also for the freezing and repatriation of assets, preservation of relevant documents, and the appointment of a receiver for Binance’s assets. 

However, these SEC allegations listed in a 136-page document do not convince the crypto community, which has also gathered on Twitter to defend and fight the FUD (Fear, Uncertainty & Doubt) created by the US agency. 

Binance.US and the notice of suspension of USD deposits and withdrawals

A few days ago, Binance.US also warned its crypto-community that it would have to suspend USD deposits, informing that starting tomorrow, withdrawals in US dollars will have to be suspended

In that message, Binance.US called the SEC complaint and lawsuit its extremely aggressive and intimidating tactic in pursuing its ideological campaign against the US digital asset industry

It then added that the two suspensions of deposits and withdrawals, only serve to protect its customers. 

Binance Coin (BNB) is not the only crypto experiencing price dumps: so are ADA, SOL, and MATIC

Looking at the top 11 crypto assets by market capitalization, Binance Coin (BNB) does not appear to be the only one to record a -25% price dump in the past 7 days

And indeed, Cardano (ADA), Solana (SOL), and Polygon (MATIC) follow closely behind with these results, probably because they have been defined by the SEC as securities

In essence, the SEC allegedly accused Brian Armstrong’s company, Coinbase, of never registering its “staking-as-a-service,” offering investors sales of unauthorized securities. 

Popping up on the list are SOL, ADA, and MATIC, along with FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO. 

In this regard, the price of ADA, the seventh-largest crypto by market capitalization, fell from $0.37 to $0.22 last Saturday, while at the time of writing it is worth $0.27, a dump of -27% over the past 7 days. 

SOL and MATIC, on the other hand, recorded a -29% price dump in the last week. At the time of writing, SOL is worth $15.12 compared to $21.54 seven days ago, and MATIC has moved to be worth $0.63, up from $0.88 last week.

Stefania Stimolo
Stefania Stimolo
Graduated in Marketing and Communication, Stefania is an explorer of innovative opportunities. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses.