Binance Coin Whale Awakens After 2-Year Hiatus, Cashes Out $2.3M Profits After SEC Classifies BNB As A 'Security'

A Binance Coin (CRYPTO: BNB) whale has cashed out a part of their holdings for the first time in two years, garnering significant profits from the sale.

What Happened: According to the on-chain analyst account Lookonchain, the whale sold off 10,000 BNB tokens at $230 each, earning profits totaling $2.3 million and still holding 15,000 coins worth approximately $3.5 million.

The whale had accumulated BNB tokens two years ago when they had traded 10 BNB for 100 trillion SafeMoon tokens, most of which were eventually dumped for 110,000 BNB.

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Why It Matters: The sale comes amid tense regulatory scrutiny of Binance, the world’s largest cryptocurrency exchange by trading volume. 

Last week, the Securities and Exchange Commission (SEC) sued Binance, Binance.US, and its owner, Changpeng ‘CZ’ Zhao. The regulator has also alleged that the exchange has been breaking securities laws, and even classified BNB as a security.

Price Action: At the time of writing, BNB was trading at $235, up 4.14% in the last 24 hours, according to Benzinga Pro.

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