Florida court lifts ban on Binance, BNB nears all-time highs, up 7%

In a significant development for the cryptocurrency industry, Florida’s First Court of Appeals unanimously ruled to lift a permanent ban on Binance, the world’s largest cryptocurrency exchange.

According to a report by Bloomberg Law, the court determined that the state’s financial regulator did not follow proper procedures when issuing the emergency moratorium, thereby stripping Binance of its ability to operate in the state.

Binance wins legal battle

In November 2023, Florida financial regulators imposed a ban on Binance, the world’s largest cryptocurrency trading platform. The ban comes shortly after Binance’s former CEO Changpeng Zhao pleaded guilty to federal finance-related charges.

However, the court ruled that the regulators had failed to substantiate their legal conclusions, particularly regarding the alleged dangerous conduct posed by Changpeng Zhao.

The court's ruling stated that the emergency suspension order lacked clear legal support because the regulator failed to fully prove that Zhao Changpeng's behavior posed a threat to public health, safety and welfare.

While the court’s ruling is an important victory for Binance, the exchange still faces regulatory challenges in other jurisdictions. For example, during the same period, Alaska’s banking department also rejected Binance.US’s license renewal request to continue operating in the state.

Binance founder Changpeng Zhao, often known as CZ, has been sentenced to four months in prison after pleading guilty to participating in money laundering at the cryptocurrency exchange.

It is worth noting that Changpeng Zhao received a much lighter sentence than the three-year prison sentence requested by the U.S. federal prosecutor, while his defense team originally requested a five-month suspended sentence. The final court verdict met their expectations. .

As part of the settlement, Binance must pay a fine of up to $4.3 billion and hand over corresponding forfeitures. At the same time, Zhao Changpeng also agreed to personally pay a fine of US$50 million.

BNB nears all-time highs in market uptrend

As this development unfolds, Binance’s native token BNB has shown new upward momentum, in line with the overall market upward trend led by major cryptocurrencies over the past week.

BNB has been on a tear over the past month, gaining 4% in the past 30 days and recording a massive 7% gain in the last week alone. As a result, BNB is currently trading at around $615.

It is worth noting that the price of BNB, the fourth largest cryptocurrency, is already close to the all-time high (ATH) reached during the 2021 bull run of $686.

However, BNB’s trading volume has dropped by 66% in recent days, totaling $1 billion in the past 24 hours, according to CoinGecko data. Nonetheless, if the current uptrend continues, there are several resistance levels to watch before retesting its ATH.

4-hour chart of BNB/USD | Source: TradingView

When analyzing the 4-hour trading chart of BNB/USD, two important resistance levels can be seen: $621.5 and $633. These two price points are key levels that BNB must break through before continuing its uptrend and reaching higher prices. If BNB can effectively break above these resistance levels, it could open up room for further gains, potentially testing or reaching its all-time high price. However, if BNB encounters strong selling pressure at these price points, it could experience a period of price pullback or correction.

Against this, bullish investors in BNB need to keep a close eye on the support levels of $614 and $605. If the price breaks below these levels, it could lead to a further downward trend that could lead to a test of the key $600 support. These support levels are critical for bulls, as a failure of the key $600 support level could trigger greater selling pressure, negatively impacting BNB’s short-term bullish outlook. Therefore, bullish investors will want to see buying activity remain active at these levels to sustain the current upward momentum.

Conclusion:

A Florida court overturns its ban on Binance, delivering an important victory for the world's largest cryptocurrency exchange. Although Binance and its founder Changpeng Zhao faced regulatory challenges and legal proceedings, the final settlement and court ruling provided Binance with the opportunity to continue operating. Changpeng Zhao’s guilty plea and relatively light sentence, coupled with the hefty fine paid by Binance, demonstrate the company’s commitment to compliance and future development.

Meanwhile, Binance’s native token BNB has shown strong market performance, with prices near all-time highs, reflecting investor confidence in Binance and optimism about the overall upward trend in the cryptocurrency market. However, market volatility and cryptocurrency-specific risks cannot be ignored. When making investment decisions, investors should pay close attention to market dynamics, including key resistance and support levels, as well as other factors that may affect prices. As the cryptocurrency industry continues to evolve and the regulatory environment matures, compliance, security and transparency will become key to the industry's long-term success.

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