The biggest cryptocurrency exchange in the world, Binance’s Uptrend Nears Peak, was spared a permanent ban as the First District Court of Appeals in Florida decided unanimously against the move. According to Bloomberg Law, the court ruled that the state’s financial regulators had not followed the correct processes when they issued an emergency suspension order, which meant that Binance couldn’t function in the state.
Binance Wins Legal Battle
Changpeng Zhao, the former CEO of Binance Holdings, pled guilty to federal finance crimes in November 2023, and the Florida Office of Financial Regulation subsequently ordered the ban. Concerning the purported threat Zhao’s actions constituted, the court found that the regulators had not provided sufficient evidence to support their legal judgments. Since authorities failed to sufficiently prove that Zhao’s activities endangered public health, safety, and welfare, the court’s decision highlighted the absence of a clear legal foundation for the immediate suspension order.
Binance’s Uptrend Nears Peak has won significantly in the court’s ruling. The exchange has also encountered regulatory hurdles in other regions. During the same period, Binance.US was also denied permission to renew its license to operate in Alaska by the state’s banking division. Changpeng Zhao, also known as CZ, will spend the next four months behind bars for his role in founding Binance. His guilty plea to charges involving his role in helping the Bitcoin exchange facilitate money laundering led to the sentencing.
It is worth mentioning that the three-year prison penalty federal prosecutors sought was more severe than Zhao’s punishment. On the other hand, the defense successfully got the five months of probation they had requested. Substantial fines and forfeiture totaling $4.3 billion were levied against Binance as part of the settlement. Changpeng Zhao also personally agreed to a significant $50 million fine.
BNB Nears All-Time High Amid Market Uptrend
In response to this news, Binance’s native token, BNB, has been showing signs of fresh positive momentum, following. Significant cryptocurrencies drove the general market rise seen last week. With a 4% gain over the last 30 days and a dramatic 7% jump in the previous week alone, BNB has shown tremendous gains in the last month. Its present market price is $620 as a result. An important note is that this brings the fourth-largest cryptocurrency very close to its ATH, which was reached in the 2021 bull market at $686.
However, trading activity for BNB has dropped 66% recently, reaching $1 billion. In the last 24 hours, according to statistics from CoinGecko. However, there aren’t many resistance levels until the current upswing resumes and reaches its all-time high.
Looking at the 4-hour chart of BNB/USD, the critical resistance levels. The coin has to break over on its way to higher levels, which are $621.5 and $633. On the other hand, BNB bulls need to keep an eye on the $614 and $605 support levels. To stop a decline that might put the critical $600 support level under attack.
