Company: BNBX
Filing Date: 2025-12-22
Form Type: S-1/A
Source: 0001104659-25-123402
Chunk: 13

Company: BNB PLUS CORP.
Filing Date: 2025-12-22
Form: S-1/A
Chunk 13
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ary effect. U.S. regulators have scrutinized burn mechanisms in past enforcement actions, with the SEC citing issuer-controlled burn programs as evidence of efforts to influence a cryptocurrency’s value consistent with securities characteristics. If regulators were to reach a similar conclusion regarding BNB’s burn mechanism, it could increase the likelihood that BNB would be classified as a security and subject to heightened regulatory restrictions, adversely affecting its liquidity and price.

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While the Binance ecosystem
continues to grow with expanding developer activity, diverse use cases, and increasing institutional interest, it faces risks common
to the cryptocurrency space, including regulatory uncertainties, technological competition, and market volatility. In addition, a significant
majority of the daily BNB trading volume occurs on the Binance Exchange, which is controlled by Binance, the original distributors of
BNB. Further, most of the BNB in circulation has been reported to be held by the founder and former controller of Binance. As a result,
trading activity by these parties could impact the price and trading volume of BNB on the Binance Exchange. While Binance and its former
controller have indicated that they and their respective related entities do not actively trade BNB or undertake gross or net purchasing
activities to support its price or increase trading volume, publicly available information is insufficient to enable a conclusion as
to whether trading activity in BNB on the Binance Exchange by such parties (or others) is occurring in compliance with the Binance Exchange’s
policies and procedures or having a material impact on the price and trading volume of BNB on the Binance Exchange or other secondary
markets. Additionally, to the Company’s knowledge, Binance and its founder are not subject to trading restrictions in respect of
BNB; as such, prior conduct and indications of current intent are not necessarily indicative of actual or future trading activities by
these parties. Recently, certain market participants have alleged potential manipulation of the price of BNB by the Binance Exchange.
In addition, if Binance or its founder were to liquidate significant portions of their holdings, or if market participants perceived
that such liquidations might occur, the price of BNB could be materially and adversely affected. Any allegations of BNB price or volume
manipulation could result in regulatory actions against such parties and/or loss of confidence in BNB, and/or Binance generally, which
could negatively impact the price of our Common Stock. Our dependence on Binance and its affiliates for the health and credibility of