Today, we are going to update the situation we talked about in an other article.
If you have been following the cryptocurrency market today, you have probably noticed a significant decline, particularly in the case of the BNB coin.
The dive
Source : https://quantifycrypto.com/heatmaps
As you can see BNB has taken the biggest hit, nearly 8% today. You're probably wondering why such a drop has occurred ?
The reasons
As we briefly mentioned in our fisrt artcle about the Securities and Exchange Commission (SEC) allegations against Binance, the testimonies of former directors of its subsidiary Binance US have been used as evidence against the group. We now have a bit more information about Catherine Coley.
Source : generalassemb.ly
In 2019, Catherine Coley became the first chief executive of Binance.US, a crypto exchange. Two years later, she stepped down suddenly and has been little heard from or seen since.
Portions of testimony given by Coley to the watchdog were published as part of the SEC’s complaint, shedding some light on her experience while running the Binance.US platform.
She notably said :
“The data and the finance were the two most difficult ones to bring over to the US, and the data was — had a significant opacity to it,” Coley added. “And I did not get answers from CZ on why or how or what we would need to do to be able to bring the data over.”
Conclusion :
One potential factor contributing to this new crypto crack is the SEC allegations against Binance, where testimonies from former directors, including Catherine Coley, have been utilized as evidence. Coley, the former CEO of Binance.US, shed light on the challenges of transferring data and financial operations to the US, citing a lack of transparency in the process.
While further investigation is necessary to fully grasp the situation, these developments provide valuable insights into the recent downturn in BNB's value. Market participants and investors will closely monitor the ongoing situation and its potential impact on Binance and the broader cryptocurrency market.
Thumbnail source : usatoday.com
Thank you for reading
