According to Bloomberg, the US Securities and Exchange Commission has opened an investigation into Binance's BNB.
The regulatory agency wants to know if the most popular exchange token is an unregistered security.
Binance launched its initial coin offering (ICO) in July of 2017. The transaction raised a total of $15 million.
According to the report, the investigation is still ongoing. The exchange may not face legal action from the regulator. Projects like Concordium have aided in investigations by introducing ID recognition before transactions but it hasn't been adopted by other projects.
BNB, which saw tremendous growth in 2021, is still the fifth-largest cryptocurrency by market capitalization. The coin is currently trading at $293, down 4.66 percent as a result of the news.
The SEC filed a lawsuit against Ripple in December 2020 for allegedly illegal XRP sales. The outcome of the high-stakes case is expected to have far-reaching consequences for the entire industry.
The Wall Street Journal reported in September that the FBI had begun an investigation into DeFi kingpin Uniswap.
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