Crypto News: Important new developments in the legal dispute between Binance and the SEC

There are new and significant developments in the ongoing legal battle between Binance and the US Securities and Exchange Commission (SEC) that could significantly affect the future of the world's largest crypto exchange. What exactly these are and how they affect the price of BNB is explained below.

This is how the situation in the legal proceedings between Binance, CZ and the SEC has developed so far

The legal proceedings between Binance, Binance.US and the US Securities and Exchange Commission (SEC) have made significant progress in recent weeks and continue to generate buzz in the financial world, with particular focus on Changpeng 'CZ' Zhao, the co-founder and former CEO of Binance.

Recently, there were important developments this fall that are closely tied to Zhao's impending release from a so-called “halfway house” facility in California. Zhao, who is serving a four-month prison sentence for anti-money laundering violations, is expected to be released on September 29. As part of his early release agreement, Zhao also agreed to step down as CEO of Binance, which many observers see as a significant turning point in this legal battle.

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Another important step in the recent legal battles was Judge Amy Berman Jackson's approval of attorney Emily Casey Warren Kapur to represent Zhao. Kapur, who is a partner at the law firm Quinn Emanuel Urquhart & Sullivan LLC, will be admitted as pro hac vice, a designation that allows an attorney who is not licensed in that jurisdiction to work for a client on a particular case. It signals a strategic shift in Zhao's defense team, possibly indicating an increased focus on the legal challenges ahead.

In recent weeks, there has also been a significant shakeup within Zhao's legal team. Ten attorneys, including Abid Riaz Qureshi and Heather A. Waller, have filed motions to resign and withdraw from representing Zhao. Despite these changes, the motions filed stressed that these shakeups would not delay the proceedings and would not affect the interests of justice.

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JUST IN: MAJOR DEVELOPMENT IN BINANCE VS. SEC CASE looms as CZ RELEASE APPROACHES

Changpeng “CZ” Zhao, who was reportedly transferred from prison to the RRM Long Beach halfway house in California after serving a four-month sentence for violating anti-money laundering laws, is…
pic.twitter.com/dgE2HAByHs— JAKE (@JakeGagain) 31 August 2024

As the case progresses, speculation is growing that the charges against Zhao may be dropped. The speculation is generated by political dynamics in the US and the next election, which could lead to a more favorable environment for cryptocurrency regulations. Some experts suggest that the post-election political landscape could encourage greater adoption and broader regulation of the cryptocurrency industry, which could have a positive impact on the ongoing case.

Interestingly, Zhao has moved on to new projects in the meantime, with reports suggesting he is now focusing on an educational project called Giggle Academy. This suggests that Zhao is pursuing new interests after his time in the cryptocurrency sector, perhaps in response to ongoing legal challenges.

BNB, however, hardly reacted to these developments

Binance Coin BNB, the native cryptocurrency of the world's largest crypto exchange Binance, has not shown any significant reaction on the market despite the developments in the legal dispute with the SEC. The ongoing downward trend of the last days and weeks seems to be unbroken. Within the last 24 hours, the value of BNB fell again by 3.7% and is currently only $516. In the past week, the coin has already seen a decline of over 10%, which has brought the market capitalization down to $75.3 billion. Despite this disadvantage, BNB remains the fourth largest cryptocurrency by market capitalization.

BNB's trading volume in the last 24 hours was a comparatively low $1.38 billion. However, looking at BNB's price performance over a longer period of time, it is clear that the coin has held up relatively well compared to many other cryptocurrencies. Similar to Bitcoin, Ethereum and Solana, BNB also experienced a strong rally at the beginning of the year, which saw its value rise from just over $200 in early March to over $600. After a longer period of consolidation, another rally occurred in early June, taking BNB to a new all-time high of over $700.

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However, this high was followed by another setback, with the coin first falling to $600 and later to $500. After further fluctuations in recent months, which brought the price back above $600 and then below $500 again, BNB is now worth $516. This means that BNB has held up much better than Solana, for example, whose price has since corrected by around 40% from its annual high and which was unable to build on the rallies of the last bull market in 2021.

For the further development of BNB, it will now be crucial to keep the price above the recent lows and especially above the important support at $500. If this succeeds, BNB could soon experience another recovery rally towards $600. If this resistance level is overcome, a continuation of the rally is even possible, which could lead BNB to a new all-time high. Some analysts see price targets of around $1000 for BNB as realistic for the rest of the year.

However, it should not be forgotten that BNB is already one of the largest cryptocurrencies with a multi-billion market capitalization, which limited the upside potential compared to smaller and younger coins. Therefore, many investors are currently turning to younger crypto projects that are still in the early stages of development and thus offer higher upside potential while at the same time increasing risk. An example of such a coin is currently $STARS.

$STARS could now be a promising investment alternative to BNB

Crypto All-Stars ($STARS) has been attracting a lot of interest in recent weeks as its presale managed to generate over $900,000 in a very short period of time. The new meme coin project stands out due to its staking protocol “MemeVault”, which aims to pool leading meme coins and enable shared rewards in $STARS. With the next MemeVault launch, staking yields for these coins are expected to increase significantly, which explains the continued interest in $STARS.

Since the start of the pre-sale around two weeks ago, $STARS has already broken through several price levels and reached important pre-sale targets in record time. The current price is $0.0014191, with an increase planned in the next few hours.

Staking in Crypto All-Stars' upcoming MemeVault offers investors the opportunity to increase their returns through passive income. The protocol allows investors to stake tokens such as $DOGE, $SHIB, $PEPEC, and $FLOKI and earn $STARS in return. The system supports multi-token and multi-chain staking, increasing flexibility and reducing redundancy. In addition, it provides a comprehensive solution for meme coin investors who want to manage their holdings efficiently.

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Another attractive feature of $STARS is the high annual percentage yield, currently up to 1,579%, that can be achieved through staking. The exceptionally high yield offers early investors the opportunity to quickly multiply their deposits. In addition, there is the opportunity to significantly increase, potentially even triple, the staking income by holding the earned $STARS tokens.

Interested parties can connect their wallets on the official Crypto All-Stars website and exchange ETH, USDT or BNB for $STARS. Bank card payments are also possible through the site's secure widget. The project has also been extensively audited by Coinsult and SolidProof, with no critical security vulnerabilities found in the smart contract code, providing investors with a high level of security.

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