SEC Granted 70-Page Filing in Binance Lawsuit as BNB Holds $600 Support
Big news in the Binance lawsuit. The U.S. District Court has granted the SEC permission to file a 70 page response to the motions to dismiss filed by Binance, CZ and BAM Trading Services.
Judge Amy Jackson approved the SEC’s request for leave to file the consolidated response citing judicial efficiency.
The SEC’s response is due by December 4, 2024. This will consolidate the SEC’s arguments into one document, rather than having to respond to each of the defendants’ separate motions to dismiss which were filed last week.
The defendants are arguing that the SEC’s amended complaint is redundant and duplicative.
By allowing the SEC more space to address these issues the court will have a full review of the complex legal matters. Binance and BAM Trading will not oppose the motion.
Binance Lawsuit Timeline Extended to 2026
The Binance/SEC lawsuit has been extended to 2026 according to a court order last month. The lawsuit is about the SEC’s allegations of securities violations and non-compliance with US regulations by Binance and its affiliates.
Key details about the case:
Response Deadline: The SEC must file its response by December 4.
Page Limit: The response is capped at 70 pages, exceeding the typical 45-page limit.
Judicial Objective: The court aims to avoid duplication and ensure efficiency in legal proceedings.
While the case advances, Binance’s legal team remains committed to challenging the SEC’s claims, further prolonging the resolution timeline.
BNB Price Outlook: $600 Support Holds Strong
Despite legal pressures, Binance’s native cryptocurrency, BNB, has shown resilience, trading around $620 as of press time. The coin recently retested its crucial support level of $600, suggesting potential for a bullish rebound.
Market Performance: BNB is down 1.5% but remains steady above its key support level.
Analyst Predictions: Experts predict a 150% rally if BNB maintains its current trajectory, potentially reaching new all-time highs.
Trading Metrics: Derivatives data shows flat open interest at $911 million, while options trading volume surged 47% to $1.15 million.
Recent pullbacks triggered $2.16 million in long liquidations, highlighting market caution. However, with strong support and increasing trading volume, analysts remain optimistic about BNB’s potential recovery.
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