Florida’s court just reversed Binance’s ban, sending BNB-USD on a bullish run toward its all-time highs. Florida’s First District Court of Appeals just pulled a 180 on the Binance ban, giving the crypto space another win. The court unanimously ruled that the state’s financial regulators fumbled the ball. As a result, Binance is back in business, and BNB is riding high, nearing its all-time highs.
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Court Rules in Binance’s Favor
So, what happened? According to Bloomberg Law, the court decided that Florida’s financial regulators didn’t exactly follow the playbook when they slapped an emergency suspension on Binance back in November 2023. This all went down after Binance’s head honcho, Changpeng Zhao (CZ), pleaded guilty to federal finance charges.
The court’s main issue? The regulators couldn’t back up their claims that CZ’s actions were a clear and present danger to public health, safety, and welfare. Basically, they tried to punt without a ball. This ruling is a big win for Binance, but let’s not forget, they’ve been taking hits in other places too. Case in point: Alaska’s banking division also gave Binance.US the cold shoulder by denying their license renewal.
BNB Nears All-Time High
While Binance was busy battling it out in court, BNB was quietly making a comeback. Over the last month, BNB has climbed 6.15%, and in just the past week, it has jumped 6.85%, now trading at around $615. That’s just a stone’s throw away from its all-time high of $686, set back in the 2021 bull run.
If this upward trend continues, we might see BNB breaking through the resistance levels and eyeing that all-time high again.
Is BNB a Buy?
According to TipRanks’ Summary of Technical Indicators, BNB is a Buy.
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