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Cryptocurrency News Articles
Binance Wins Legal Battle in Florida, BNB Nears All-Time High Amid Market Uptrend
May 23, 2024 at 10:00 am
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
A Florida appeals court has unanimously overturned a permanent ban on Binance, the world’s largest cryptocurrency exchange, imposed by the state’s financial regulators.
The First District Court of Appeals in Florida ruled on Thursday that the state’s Office of Financial Regulation (OFR) had failed to follow proper procedures when issuing an emergency suspension order against Binance in November 2023.
The ban came shortly after former Binance Holdings CEO Changpeng Zhao pleaded guilty to federal finance charges, but the court found that the regulators had not substantiated their legal conclusions, particularly regarding the alleged danger posed by Zhao’s conduct.
“The order fails to state a clear basis in law for the emergency suspension because it does not adequately demonstrate that Zhao’s conduct threatened the public health, safety, and welfare,” the court’s ruling stated.
The regulators had argued that Zhao’s guilty plea to charges related to operating an unlicensed money transmitting business posed an “imminent threat” to the public, and that the emergency suspension order was necessary to protect consumers.
However, the court found that the regulators had not provided sufficient evidence to support this claim, and that the order was therefore “overly broad and sweeping.”
“The order permanently bans Binance from operating in Florida without making the necessary factual findings or legal conclusions to support such a ban,” the court ruled.
Binance was ordered to pay a substantial $4.3 billion in fines and forfeiture as part of the resolution, while Changpeng Zhao personally agreed to pay a significant $50 million fine.
The exchange has also faced regulatory challenges in other jurisdictions, with the banking division of Alaska also rejecting the renewal of Binance.US’s license to operate in the state during the same period.
Despite these challenges, Binance’s native token, BNB, has exhibited renewed bullish momentum in line with the overall market uptrend observed over the past week, largely driven 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.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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