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

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

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.