The ongoing crackdown by the US Securities and Exchange Commission (SEC) on the crypto industry has taken a toll on one of the largest exchanges in the market, Binance. The SEC recently filed a lawsuit against Binance.US, which has resulted in a significant decline in the value of Binance Coin (BNB). BNB has dropped more than 23% in the last week alone, currently trading at $238. Related Reading: Ethereum Bears Set Their Sights On Next Downside Target If $1,700 Support Breaks Binance CEO’s Bitcoin Sell-Off As reported by NewsBTC, BNB is facing a potentially catastrophic situation after an exploit on the Binance Smart Chain’s Binance Bridge. The exploit could liquidate $200 million on Venus Decentralized Autonomous Organization (DAO) if the BNB price drops to $220. Given these developments, reports now suggest that Binance and its CEO, Changpeng Zao, sell spot Bitcoin (BTC) to prevent BNB from falling to $220. This move has been taken to defend against the liquidation of BNB at this key level, but it also capped the upside potential of Bitcoin. The practice of selling spot ..
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