Formerly known as Binance Coin, BNB sunk to as low as $204, its weakest level since late June 2022.
BNB dropped to $204 as the WSJ reported that Binance helped Russian users move money abroad.
Mounting legal and regulatory scrutiny over the exchange and a large distressed BNB-secured loan has weighed on the token’s price., a cryptocurrency closely linked to crypto exchange Binance, fell to its lowest in more than a year following a news report regarding fresh risks over Russia sanctions added to already mounting regulatory and legal pressure on the company.
The token sank to as low as $204 earlier Tuesday afternoon, its weakest level since June 2022's crypto market crash. It's since pared some of those losses, currently changing hands at $205, down about 14% over the past week. This latest decline happened after the Wall Street Journal reported that Binance was facilitating Russian users' ability to move money abroad despite widespread international sanctions.from the U.S. Securities and Exchange Commission for multiple federal securities laws violations such as commingling customer funds and listing unregistered securities like BNB and Binance USD on the platform.
Risks around Binance weigh heavily on BNB, which is the fourth largest cryptocurrency with $32 billion market value and powers the BNB Chain network, formerly known as Binance Smart Chain.
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