The court case wins for #Binance
The First District Court of Appeals in Florida unanimously rejected a permanent ban on Binance, the world's biggest cryptocurrency exchange, in a major cryptocurrency industry development.
The court found that the state's financial authorities had violated protocols while issuing an emergency suspension order, denying Binance the right to function in the state, Bloomberg Law reported.
The court noted that the authorities failed to support their legal judgments, notably on Zhao's potential hazard.
The court noted that the authorities failed to prove Zhao's activities jeopardized public health, safety, and welfare, hence the immediate suspension order was unconstitutional.
Binance won the court case, but it has also encountered regulatory issues elsewhere. The Alaska banking division also denied Binance.US's license renewal over the same time.
Zhao received a less punishment than federal prosecutors' three-year jail term. Instead, the defense demanded five months of probation, which worked.
The settlement required Binance to pay $4.3 billion in penalties and forfeiture. Changpeng Zhao personally paid a $50 million fine.
Following this event, Binance's native coin, BNB, has shown fresh positive momentum in accordance with the market rise driven by major cryptocurrencies over the last week.
BNB has gained 4% in the last 30 days and 7% in the past week. Consequently, its market price is $620.
In the 2021 bull market, the fourth-largest cryptocurrency reached $686, its all-time high.
BNB trade volume has dropped 66% in recent days, reaching $1 billion in the previous 24 hours, according to CoinGecko. However, if the uptrend continues, there are just a few resistance levels to watch before a retest of its ATH.
The BNB/USD 4-hour chart shows that $621.5 and $633 are the next major resistance levels the coin must cross to continue rising.
BNB bulls must watch the support lines at $614 and $605 to avoid a decline that might hit $600.
