Binance’s Ban Reversed By Florida Court, BNB Sees 7% Uptrend Nearing All-Time Highs

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As a researcher with extensive experience in the cryptocurrency industry, I find this legal ruling by the First District Court of Appeals in Florida to be an important development for Binance and the broader crypto market. The unanimous decision to overturn the permanent ban on Binance is a significant win for the exchange, which has faced regulatory challenges in various jurisdictions.

The First District Court of Appeals in Florida has overturned the decision to permanently prohibit the operation of Binance, the globally leading cryptocurrency exchange, within its jurisdiction.

As a crypto investor, I’ve come across news that shook the Binance community recently. According to a report by Bloomberg Law, it was revealed that the financial regulators in a particular state did not follow due process when they issued an emergency suspension order against Binance. Consequently, Binance has been prevented from operating within the state, leaving many of us in limbo regarding our investments there.

Binance Wins Legal Battle

In November 2023, the Florida Office of Financial Regulation enacted a ban following the confession of guilt by Changpeng Zhao, the previous CEO of Binance Holdings, to federal financing offenses.

The court pointed out that the regulators did not adequately back up their legal findings, specifically with respect to the perceived risk from Zhao’s actions.

The court’s decision highlighted that the legal foundation for the emergency suspension was uncertain, seeing as the regulatory body failed to convincingly prove that Zhao’s behavior posed a risk to public health, safety, or wellbeing.

Binance’s court victory represents a noteworthy advance, but the exchange has encountered regulatory hurdles elsewhere. For example, the banking division of Alaska declined to renew Binance.US’s permit for business within its borders during this timeframe.

Changpeng Zhao, also recognized as CZ, the founder of Binance, has received a prison sentence of four months. This decision comes after he admitted guilt to allegations involving Binance being used for money laundering transactions.

Significantly, Zhao’s sentencing was more lenient than the three-year imprisonment proposed by federal prosecutors. On the other hand, the defense successfully argued for a five-month probation term instead.

In the aftermath of the ruling, Binance was mandated to cover a hefty penalty amounting to $4.3 billion, along with forfeiting certain assets. Simultaneously, Changpeng Zhao, the company’s CEO, accepted the responsibility and agreed to pay a personal fine worth $50 million.

BNB Nears All-Time High Amid Market Uptrend

I’ve noticed an intriguing trend as of late: Binance’s native token, BNB, has regained its bullish momentum in harmony with the broader market surge witnessed during the last seven days. This upward trend can be attributed to the impressive performance of major cryptocurrencies.

I’ve analyzed the price trends of BNB over the last month, and I’ve observed noteworthy growth. Specifically, there has been a 4% upward shift over the past 30 days, coupled with an impressive 7% jump in just the previous week. As a result, its present trading value is now at $620.

Significantly, the value of the fourth largest cryptocurrency approaches its peak price (AP) of $686, which was reached during the 2021 bull market’s height.

Based on information from CoinGecko, BNB has seen a significant drop of approximately 66% in trading volume within the past few days, equating to around $1 billion in the last 24 hours. Despite this decrease, if the current upward trend continues, there are only a few barriers left for investors to watch before potentially reaching another all-time high (ATH) for BNB.

Examining the 4-hour chart of BNB against the US dollar, the major hurdles for further growth lie at $621.5 and $633. These levels serve as formidable resistance points that must be conquered if the token is to progress towards greater heights.

As a BNB investor, I need to keep a close eye on the support levels at $614 and $605 to avoid a potential downtrend. A breach below these levels might trigger a slide towards the important support of $600.

Binance’s Ban Reversed By Florida Court, BNB Sees 7% Uptrend Nearing All-Time Highs

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2024-05-23 05:27