The Securities and Exchange Commission (SEC) and Binance have jointly agreed to dismiss the two-year-long lawsuit that has been looming over the popular cryptocurrency exchange. This decision, as outlined in court documents, signifies a full dismissal of the case with prejudice, meaning it cannot be brought up again in the future.
Following a 60-day pause on the lawsuit back in February, both parties awaited the outcome of the SEC’s crypto task force before reaching this resolution. Binance CEO, Richard Teng, expressed his gratitude towards President Donald Trump and SEC Chairman Paul Atkins for their role in bringing about this regulatory relief. The dismissal of the case has been seen as a victory for the exchange, with its U.S. subsidiary emphasizing that it did not violate any U.S. securities laws.
In response to the positive development, Binance has swiftly restored USD deposits that were previously restricted during the legal battle. The exchange’s founder, CZ, took a jab at former SEC chair Gary Gensler by posting a comical image of him on social media.
On the trading front, BNB markets have witnessed a 10% increase in trading volumes, reaching $2 billion in the past 24 hours. However, despite this uptick, there is a slightly bullish bias in the 12-hour timeframe. Data from CoinGlass indicates that there has been a mild accumulation of BNB, with approximately $4 million worth of the cryptocurrency being withdrawn from exchanges.
Despite the positive sentiment surrounding Binance, speculative interest in BNB has been subdued in recent days. Open Interest (OI) for BNB has decreased from $858 million to $806 million over the past three days, signaling a lack of demand from the Futures markets. Price charts also reflect this trend, with BNB facing resistance near $700 and potentially dropping to $640.
Looking ahead, the Average True Range (ATR) suggests a weakening uptrend momentum for BNB since mid-May. With macro factors potentially impacting the market in the short term, BNB may retract to $640 as a short-term support level until a strong catalyst emerges to drive further price action.
In conclusion, the dismissal of the lawsuit between the SEC and Binance has provided some much-needed regulatory relief for the exchange. However, market dynamics and external factors may influence BNB’s price movement in the coming days, making it essential for traders to stay informed and adapt their strategies accordingly.