The Sui Foundation has denied selling staking rewards or any other tokens on the Binance crypto exchange. In a tweet, the organization stated that all insider token allocations are compliant with lock-ups and transfer restrictions. The foundation also confirmed that SUI token unlocks have proceeded as planned. Sui had planned to release 61 million tokens worth $62 million on June 3 and double its token supply by November. Currently, there are over 604 million circulating SUI tokens with a market capitalization of $435 million, valued at around $0.72 per token. The Sui mainnet was launched on May 3 by web3 infrastructure firm Mysten Labs. The blockchain offers increased block finality and can handle up to 300,000 transactions per second. Mysten had intended to sell the native asset on Binance, as well as other exchanges like OKX, Bybit, and Kucoin. However, Binance is currently facing a lawsuit from the U.S. Securities and Exchange Commission for alleged financial misconduct.
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