- May 23, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
In a significant development for the cryptocurrency industry, the First District Court of Appeals in Florida has unanimously ruled against a permanent ban on Binance, the world’s largest cryptocurrency exchange.
According to a Bloomberg Law report, the court determined that the state’s financial regulators had not followed proper procedures when issuing an emergency suspension order, thereby denying Binance the ability to operate in the state.
Binance Wins Legal Battle
The ban, imposed by the Florida Office of Financial Regulation in November 2023, came shortly after former Binance Holdings CEO Changpeng Zhao pleaded guilty to federal finance charges.
However, the court highlighted that the regulators failed to substantiate their legal conclusions, particularly regarding the alleged danger posed by Zhao’s conduct.
The court’s ruling emphasized that the emergency suspension order lacked a clear basis in law, as the regulators did not adequately demonstrate that Zhao’s actions threatened public health, safety, and welfare.
While the court’s decision is a significant win for Binance, the exchange has also faced regulatory challenges in other jurisdictions. The banking division of Alaska, for instance, also rejected the renewal of Binance.US’s license to operate in the state during the same period.
Binance’s founder, Changpeng Zhao, commonly known as CZ, has been sentenced to four months in prison. The sentencing follows his guilty plea to charges related to facilitating money laundering activities on the cryptocurrency exchange.
Notably, Zhao’s sentence was less severe than the three-year prison term sought by federal prosecutors. In contrast, the defense had requested five months of probation, ultimately achieving the desired outcome.
As part of the resolution, Binance was ordered to pay a substantial $4.3 billion fines and forfeiture. Additionally, Changpeng Zhao personally agreed to pay a significant $50 million fine.
BNB Nears All-Time High Amid Market Uptrend
As this development unfolded, Binance’s native token, BNB, has exhibited renewed bullish momentum in line with the overall market uptrend observed over the past week, led by major cryptocurrencies.
During the last month, BNB has demonstrated significant gains, accumulating a 4% increase over the past 30 days and a substantial 7% surge in the previous week alone. Consequently, its current trading price stands at $620.
Notably, this places the fourth-largest cryptocurrency near its all-time high (ATH) of $686, achieved during the 2021 bull market.
However, according to CoinGecko data, BNB has experienced a 66% decline in trading volume in recent days, totaling $1 billion over the past 24 hours. Nonetheless, if the present uptrend persists, there are only a few resistance levels to monitor before a potential retest of its ATH.
Analyzing the BNB/USD 4-hour chart, the next significant resistance levels, $621.5 and $633, represent the primary obstacles that must be overcome for the token to continue its ascent to higher levels.
In contrast, BNB bulls must remain vigilant regarding the support lines at $614 and $605 to prevent a downtrend that could lead to a test of the crucial $600 support level.
Featured image from Shutterstock, chart from TradingView.com
