The US SEC dropped its lawsuit against Binance yesterday. The agency decided to close its case with prejudice. This means that the SEC will not be able to open up the case in the future. The decision represents another step forward for the SEC’s new support for the crypto industry. The agency named Paul Atkins, a Bitcoin supporter, as its new chief earlier this year. Atkins is now allowing more room for the new asset class.
Binance Free of All Charges
The SEC filed its lawsuit against the world’s largest crypto exchange by volume in June 2023. Binance founder Changpeng Zhao was also named in the suit. The financial agency accused the exchange and its founder of synthetically inflating trading volumes. The exchange was also accused of misleading investors and diverting client funds. Binance was also charged with selling unregistered securities.
Also Read: Binance Moves to Toss FTX’s $1.76B Lawsuit, Says U.S. Has No Authority
The dismissal of the lawsuit is a significant step in the SEC’s new approach to the crypto industry. Binance took to X and thanked the new US administration. The firm stated, “Thank you to Chairman Atkins & the Trump team for pushing back against regulation by enforcement. U.S. innovation is back on track – and it’s just the beginning.“
BNB to Breach $1000 Next?
Binance’s BNB token has faced a correction amid a market-wide dip. The crypto market has faced a significant price dip today. Bitcoin (BTC) has fallen to the $105,000 price level after its recent climb to a new peak of $111,814 on May 22. BNB’s lack of movement following the SEC’s decision could be due to bearish market conditions.
BNB will likely make a big price rally once the market rebounds. CoinCodex analysts anticipate Binance’s BNB token to rally over the coming months. The platform predicts BNB will hit a new all-time high of $857.04 on Aug.12. There is a high chance that BNB will eventually breach the $1000 mark if it hits the $857.04 target.
