Binance's BNB Token Saw Millions in Sell Orders Right Before SEC Lawsuits

In trading, timing is everything and it appears that some traders put in well-timed sell orders for BNB tokens, ahead of the massive SEC crackdown against crypto exchange Binance on June 5. A surge in aggregated sell orders of about 125,000 BNB worth $37 million hit the BNB/USDT order book on Binance at 11:45 p.m. UTC on June 4 and 1:45 am UTC on June 5 in the lead-up to the U.S. Securities and Exchange Commission (SEC) suing Binance, data from TradingView shows. BNB’s open interest, the total number of outstanding derivative contracts held by investors, also increased in the first nine hours of June 5 by nearly $30 million, according to Coinalyze.

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