Court Ruling
A Florida court has overturned a ban on Binance, the world’s largest cryptocurrency exchange. The court found that state regulators had not followed proper procedures when they suspended Binance’s operations in the state.
Binance’s Legal Victory
The ban, imposed in November 2023, came after Binance’s former CEO pleaded guilty to federal finance charges. However, the court ruled that regulators had not provided sufficient evidence to support their claims that Binance posed a threat to public safety.
Regulatory Challenges
Despite the Florida victory, Binance has faced regulatory challenges in other jurisdictions. Alaska’s banking division recently rejected the renewal of Binance.US’s operating license.
Changpeng Zhao’s Sentencing
Binance’s founder, Changpeng Zhao, was sentenced to four months in prison for facilitating money laundering on the exchange. The sentence was less severe than the three-year term sought by prosecutors.
BNB’s Price Surge
Amid the legal developments, Binance’s native token, BNB, has rallied in line with the broader cryptocurrency market uptrend. BNB has gained 4% over the past month and 7% in the past week.
Resistance Levels
BNB is approaching its all-time high of $686. However, it faces resistance at $621.5 and $633.
Support Levels
BNB bulls need to defend the support levels at $614 and $605 to prevent a downtrend that could test the crucial $600 level.
