Binance in a tight spot as U.S. Justice Department considers fraud charges

The BNB chain and BNB token get negatively impacted by these events.has come under intense regulatory scrutiny, facing significant challenges from authorities. These events have cast a considerable impact not only on the exchange itself but also on the Binance Coin protocol. However, Binance’s regulatory concerns were far from over, as the Department of Justice recently got involved with the exchange.

The exchange was already under regulatory scrutiny, with reports of a criminal investigation in the U.S. for alleged violations of sanctions against Russia. Additionally, the U.S. Securities and Exchange Commission filed a lawsuit against Binance in June, accusing it of offering unregistered securities and operating unlawfully. Furthermore, the Commodity Futures Trading Commission took action against Binance and its CEO, Changpeng “CZ” Zhao, in March, alleging violations of trading and derivatives regulations.

The onslaught of regulatory scrutiny on Binance can have dire consequences for other products related to it as well as the overall crypto sector.Amidst all the litigations surrounding Binance, the BNB protocol suffered. According to Token Terminals data, in the past 24 hours, the activity on the BNBchain fell by 4.8%. The revenue generated by the protocol was also affected and declined by 4.2%.Regarding the BNB token, a correction in its price was noted within the past month.

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