In an impactful move for the crypto industry, the First District Court of Appeals in Florida has reversed a permanent ban on Binance, the world’s largest cryptocurrency exchange.
The ban was initially imposed by the Florida Office of Financial Regulation following former Binance Holdings CEO Changpeng Zhao’s guilty plea to federal finance charges. However, the court found that the regulators did not provide sufficient evidence to support the ban.
Legal Victory for Binance
The court’s ruling highlighted the lack of legal basis for the emergency suspension order, as the alleged threat to public health and safety posed by Zhao’s actions was not adequately demonstrated by the regulators.
While this legal win is significant for Binance, the exchange has encountered regulatory hurdles in other regions, notably in Alaska where Binance.US faced license renewal rejection during the same period.
Following Zhao’s guilty plea, he has been sentenced to four months in prison and ordered to pay substantial fines, with Binance also facing a hefty penalty.
BNB Approaches All-Time High Amid Market Upsurge
Simultaneously, Binance’s native token, BNB, has shown positive momentum in line with the recent uptrend across major cryptocurrencies.
BNB has experienced notable gains, with a 4% increase over the past month and a significant 7% surge in the previous week, bringing its price to $620, approaching its all-time high of $686 from the 2021 bull market.
Despite a decline in trading volume, BNB’s uptrend suggests a potential retest of its all-time high, with resistance levels at $621.5 and $633 to watch for, while maintaining support levels at $614 and $605 is crucial to avoid a downtrend.
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