tl;dr
The First District Court of Appeals in Florida has ruled against a permanent ban on Binance, the world's largest cryptocurrency exchange. The ban, imposed by the Florida Office of Financial Regulation in November 2023, was determined to lack a clear basis in law. Binance's founder, Changpeng Zhao, h...
The First District Court of Appeals in Florida has ruled against a permanent ban on Binance, the world's largest cryptocurrency exchange. The ban, imposed by the Florida Office of Financial Regulation in November 2023, was determined to lack a clear basis in law.
Binance's founder, Changpeng Zhao, has been sentenced to four months in prison and the company was ordered to pay a substantial $4.3 billion in fines and forfeiture. Despite regulatory challenges, Binance's native token, BNB, has exhibited bullish momentum, nearing its all-time high of $686. The token has seen a 4% increase over the past 30 days and a 7% surge in the previous week, with a current trading price of $620.
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. 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.
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.
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 for facilitating money laundering activities on the cryptocurrency exchange. Zhao's sentence was less severe than the three-year prison term sought by federal prosecutors, with Binance being ordered to pay a substantial $4.3 billion in fines and forfeiture.
Binance’s native token, BNB, has exhibited renewed bullish momentum, accumulating a 4% increase over the past 30 days and a substantial 7% surge in the previous week alone, with a current trading price of $620. This places the fourth-largest cryptocurrency near its all-time high (ATH) of $686, achieved during the 2021 bull market.
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. 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.