Binance Lawsuit: US Court Grants SEC’s Request Amid Case Dismissal

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As a seasoned crypto investor with over a decade of experience navigating market ups and downs, I’ve learned to stay patient and keep my eyes on the long-term game. The recent developments in the Binance lawsuit have certainly raised some eyebrows, but it’s important not to jump to conclusions.

Binance Lawsuit Update: A district court has allowed the U.S. Securities and Exchange Commission (SEC) to submit a comprehensive legal document in response to Binance, Changpeng Zhao, and Binance US’s motion to dismiss the amended complaint. However, the court’s final decision on whether to dismiss the complaint is yet to be made.

US SEC Can Extend the Briefing in Binance Lawsuit

The U.S. Securities and Exchange Commission (SEC) asked for permission to go beyond the usual number of pages allowed under local rules, due to the intricacy of the legal arguments in the case, which involve several different points. Judge Amy Jackson agreed to this request, enabling the SEC to submit a single response document that is no longer than 70 pages. This extension allows the SEC more room to respond to the legal concerns raised by both sides involved in the ongoing Binance lawsuit, as stated in the court filing for the district court.

At this moment, the motions to dismiss that were submitted by Binance Holdings Limited, Changpeng Zhao, and BAM Trading Services Inc., are invalidated. These defendants had previously filed individual motions to dismiss the Securities and Exchange Commission’s (SEC) amended complaint back in early November. Binance contested the SEC’s overlapping legal arguments across their combined 90-page submissions.

Instead of having multiple documents for each response, as permitted by Local Rule 7(e), the SEC has chosen to compile all responses into one consolidated document. This approach aims to enhance judicial efficiency and reduce duplication in separate filings. Furthermore, following the court’s order, the SEC can now present a unified response instead of individual ones.

As a researcher, I’m keeping a close eye on the timeline of events regarding the Binance case. By December 4th, we can expect the SEC’s response. Interestingly, both Binance and BAM have signaled their agreement with the SEC’s initial request. It’s worth noting that last month, the U.S. District Court issued a scheduling order extending the Binance lawsuit all the way to 2026. This prolonged legal battle promises to be an intriguing development in the world of cryptocurrency regulation.

BNB Coin Hitting Fresh All-Time High Soon?

Despite other cryptocurrencies experiencing a significant increase in value following Donald Trump’s victory, Binance’s native coin, BNB, has remained relatively stable due to a recent court order concerning a lawsuit. However, supporters of BNB are maintaining their position near the crucial support level of $600.

Currently, the value of BNB stands at approximately $620, representing a 1.5% drop. Its market capitalization has fallen slightly below $90 billion. However, BNB seems to have changed direction after testing its support level around $600 earlier today. This suggests that it might be headed towards a fresh record high.

$BNB giving great risk reward on this re-test. LONG.

— 𝙋𝘼𝙉𝙄𝘾 (@panicselling) November 27, 2024

Based on current market predictions as shared by CoinGape, analysts anticipate Binance Coin (BNB) to increase approximately 150% in value. Notably, BNB derivatives data indicates that open interest has stayed steady at $911 million, while options trading volume has significantly increased by 47% to reach $1.15 million. Furthermore, during the recent market downturn, the amount of long liquidations for BNB has climbed beyond $2.16 million according to Coinglass data.

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2024-11-27 14:19