The ICO For Binance Raised Less Than $5 Million: Forbes

The ICO For Binance Raised Less Than $5 Million: Forbes

Binance Coin (BNB) initial coin offering (ICO) in 2017 apparently raised less than $5 million, as opposed to the US$15 million declared by the business and its CEO Changpeng Zhao.

Quick Facts

Binance coin (BNB) is the native token of the exchange; it was introduced in 2017 via an ICO with a maximum supply of 200 million tokens. Initially released on the Ethereum blockchain, it was later migrated to the Binance blockchain.

Binance claimed it sold 100 million BNB tokens during the ICO at 15 cents per coin, raising US$15 million. In the summer of 2017, Binance's crypto wallets transferred a total of 10.78 million BNBs to investor wallets, not 100 million, according to an investigation conducted by Forbes with the assistance of two blockchain forensic firms.

According to Forbes, an additional 20 million coins have already been added to the wallets of angel investors, doubling their allotment to 40 million BNB. By September 2018, Binance had 145 million BNB coins instead of the initially anticipated 80 million, and the 65 million tokens that remained unsold, which were worth less than US$10 million at the time, are now worth over US$14 billion.

Forkast's request for comment from Binance was not immediately complied with. In other countries, notably the United States, where Binance was sued earlier this year by the Securities and Exchange Commission and the Commodities Futures Trading Commission, Binance has been the subject of regulatory scrutiny. In September, the exchange's U.S. subsidiary, Binance.US, let go of Brian Shroder, its former CEO, along with one-third of its workforce.

Two weeks after reports surfaced that Binance France was under investigation for money laundering, Binance declared in September that it would change its euro banking partner. In April, a day after receiving the exchange's request to cancel, Australia's securities authority revoked the local branch's derivatives license.

BNB decreased 0.11% to US$212 during the course of the previous day as of 3:25 p.m. in Hong Kong, according to statistics from CoinMarketCap.

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