Binance Beats Lawsuit on Claims of Unregistered Token Sales, as BNB Stalls
Login

Binance Beats Lawsuit on Claims of Unregistered Token Sales, as BNB Stalls

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:


Behemoth cryptocurrency exchange Binance has been cleared of all charges, after getting sued in 2020 for allegedly selling unregistered cryptocurrencies.

US District Judge Andrew Carter dismissed the lawsuit against the exchange last Thursday after Binance and its CEO, Changpeng Zhao (CZ), filed a motion for dismissal. The lawsuit, with case no.20-02803, was filed in April 2020 in the US district court in New York.

Along with selling unregistered tokens, the exchange also got accused of defaulting to register as a securities exchange or broker-dealer with American regulators.

The defaulting cryptocurrencies in question include EOS, QSP, KNC, TRX, FUN, ICX, OMG, LEND, and ELF, which the plaintiff began purchasing through Binance’s online trading platform in 2017. That said, the plaintiff claimed that these tokens then lost value dramatically and alleged that Binance “wrongfully engaged in millions of transactions” and did not warn customers about the “significant risks” involved with investing in these cryptocurrencies. The plaintiff then sued for a refund of their capital.

However, Judge Carter dismissed the case, noting that the plaintiffs sued the exchange too late, explaining that over a year had gone by between their purchase of these tokens and when they filed the lawsuit.

Key Binance Coin Levels to Watch — April 4

Binance Coin (BNB)’s recent bullish momentum appears to have thinned out at the $450 resistance as the price has struggled to break this resistance level over the past five days to no avail.

BNBUSD 2022 04 04 11 09 26.png
BNBUSD – Daily Chart on Binance. Source: TradingView.

That said, the inability to clear the $450 resistance line sent the fourth-largest cryptocurrency on a sharp retrace to the $420 support this morning. However, BNB found some cushioning from the 100 EMA, which in the daily and 4-hour charts repelled the bearish attempt below $420.

While the cryptocurrency has returned near the $450 mark, a broader market weakness could frustrate an upside attempt in the coming hours. However, the recent decline formed a double-bottom pattern around the $420 area, indicating that bulls still have a shot.

Meanwhile, my resistance levels are $450, $460, and $470, and my support levels are $436, $420, and $410.

Total Market Capitalization: $2.14 trillion

Binance Coin Market Capitalization: $73.5 billion

Binance Coin Dominance: 3.4 %

Market Rank: #4

 

You can purchase Lucky Block here. Buy LBlock

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News