Decentralized Exchange DYdX’s Token Spikes Almost 10% After SEC Sues Binance for Alleged Securities Violations
The surge in DYDX comes as the SEC alleges BNB and BUSD – tokens belonging to centralized exchange Binance – are unregistered security offerings.
Jun 5, 2023 at 4:39 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/AYINMS2J4ZHRBKI4BPO623OWOQ.png)
(CryptoWatch)
DYDX, the native token for the decentralized exchange platform with the same name, jumped to $2.23 at press time after the U.S. Securities and Exchange Commission said it sued Binance, the largest crypto exchange by trading volume, for violating federal law.
The governance token jumped as high as $2.26, a roughly 10% gain from $2.04, its lowest price in the past 60 minutes, according to data analytics firm CryptoWatch.
The price action comes after the SEC said BNB and BUSD – tokens belonging to centralized exchange Binance – are unregistered security offerings.
In the past 24 hours, the dYdX platform has had more than $939 million in trading volume with roughly 281,500 traders, data from its website shows.
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