- Florida court overturns Binance suspension, citing procedural flaws.
- Regulators failed to substantiate claims against Binance, ruling states.
- BNB rallies on news, targets the May 2021 all-time high.
The First District Court of Appeals in Florida ruled on Wednesday, May 22, that state regulators erred in attempting to halt Binance’s operations. In a unanimous decision, the judges determined that Florida regulators had not followed proper procedures in blocking the crypto exchange.
Many in the crypto community view this development as a significant victory for Binance amid the various legal challenges the firm faces across multiple jurisdictions. The judges emphasized that Florida regulators did not adequately substantiate their emergency suspension of Binance with legal authority. Consequently, the suspension lacked a proper legal basis, rendering it invalid.
Regulators in Florida took action against Binance in November 2023 following a guilty plea by Changpeng Zhao, former CEO of Binance Holdings. Zhao pleaded guilty to federal finance charges, admitting to failing to maintain an effective Anti-Money Laundering (AML) program at Binance, in violation of the Bank Secrecy Act.
Elaborating on the judgment, the judges explained that the Florida Office of Financial Regulation did not provide sufficient legal justification for concluding that Zhao’s conduct warranted suspending the license of the company’s Florida affiliate. The regulators had argued that Zhao’s actions “constituted an immediate danger to the public health, safety, and welfare, necessitating an emergency suspension.”
Meanwhile, Binance’s native cryptocurrency, BNB, has surged following the recent court victory. BNB rallied to $631.2 amid renewed bullish momentum, leading some to believe the altcoin could be on its way to retesting its all-time high (ATH) of $693.4, which it achieved in May 2021.
At the time of writing, BNB was trading at $614.8, having retraced slightly from its recent high. TradingView’s data indicates a resistance level between $630 and $645 for BNB. Breaking above this level could pave the way for further upward movement, including the potential to reach the May 2021 ATH.
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