Binance’s legal battle with SEC: Recent moves and market reactions

and the Securities and Exchange Commission is ongoing, and Binance has recently taken action to challenge the regulatory body’s authority.to dismiss the SEC’s lawsuit. They argued that the SEC had not provided sufficient evidence to support its claims of various securities-related violations.

Additionally, they asserted that the SEC was attempting to assert authority over digital assets without clear legislative backing from Congress. The SEC had initially filed its lawsuit against Binance and its affiliates on 5 June. The regulatory body alleged that the exchange had engaged in the sale of unregistered securities and was operating unlawfully in the United States.indicated that it did not respond positively to the recent development from the exchange. Instead, it continued its ongoing downward trend.

On 21 September, when Binance made its legal move, BNB’s value decreased by more than 1.6% and was trading at $210.8. At the time of writing, it was experiencing a slight loss of less than 1%, hovering around $210.7.Furthermore, the chart revealed that since its decline in May, BNB has spent a significant amount of time below the neutral line on its Relative Strength Index .

At press time, the RSI remained below the neutral line, indicating a persisting bearish trend. Additionally, its short-term Moving Average was acting as immediate resistance, located at around the $220 price level.While unrelated to the recent legal developments, it’s worth noting that the trading volume on the Binance chain has been experiencing a decline in recent days.

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