Binance CEO Changpeng Zhao stated that the exchange hadn’t sold Bitcoin or Binance Coin.
Binance Holdings Ltd., known as Binance, runs the largest cryptocurrency exchange by daily trading volume. Changpeng Zhao, a high-frequency trading developer, started Binance in 2017.
The U.S. Securities and Exchange Commission filed 13 allegations against Binance, Zhao, and its ostensibly independent U.S. exchange operator last week.
After a spate of meltdowns, including the collapse of Binance’s main competitor FTX last year, the lawsuits against Binance and Coinbase Global (COIN.O) have raised concerns that the crypto market’s struggle may continue.
After the SEC’s action, Binance Coin lost almost 20%.
