SEC Backs Down: Binance Lawsuit Collapse Sparks BNB Rally Toward $1K
Regulators fold their hand—Binance dodges the legal bullet as SEC abruptly drops its high-profile lawsuit. Cue the crypto champagne.
BNB rockets 27% on the news, flirting with its all-time high. Traders now eyeing the psychological $1,000 barrier—because in crypto, round numbers somehow matter more than fundamentals.
Wall Street analysts scramble to update price targets while muttering about ’speculative froth.’ Meanwhile, the SEC’s enforcement division quietly files for a corporate retreat in the Bahamas.
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.
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, ““
Huge win for crypto today. The SEC’s case against us is dismissed.
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.
