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A district court has accepted the U.S. Securities and Exchange Commission’s (SEC) request to submit a comprehensive briefing in response to the dismissal of a lawsuit. This request was in reaction to the revised accusations against Binance, Changpeng Zhao, and Binance US. The court’s decision regarding the dismissal of the accusations is still pending.
SEC May Extend Explanation Period in Binance Case
The SEC has requested permission to exceed the typical page limit permitted under local rules, citing the complexity of the decisions and the multiple legal arguments involved. Judge Amy Jackson granted the SEC’s request, allowing them to provide a combined response that must not exceed 70 pages. According to the district court file, this extension provides the SEC with additional space to address the legal points raised by both groups of defendants in the ongoing Binance case.
The dismissal requests submitted by Binance Holdings Limited, Changpeng Zhao, and BAM Trading Services Inc. are currently deemed invalid. The defendants filed separate requests to dismiss the revised accusations from the SEC early in November. Binance argued that the legal arguments within the SEC’s 90-page presentation were too numerous.
Will BNB Coin Achieve a New Record Soon?
As the rest of the crypto market surged following Donald Trump’s victory, Binance’s native BNB Coin remained relatively stable due to recent decisions in the lawsuit. However, BNB maintained its position at the critical support level of $600.
As of press time, the BNB price was down 1.5%, trading at $620 and dropping below a $90 billion market cap. However, after testing the $600 support level again earlier today, BNB has begun to recover, positioning itself for potential new all-time highs.
If the current market trend persists, analysts from CoinGape anticipate that BNB Coin could increase by 150% from this point. BNB derivative data shows that open positions remain steady at $911 million, while options trading volume surged 47% to $1.15 million. Additionally, during the recent pullback, BNB long position liquidations exceeded $2.16 million, according to Coinglass data.
In the Binance case, the U.S. court has accepted the SEC’s request for additional clarification. Both Binance and BAM have not opposed this request. The price movements of BNB Coin have been influenced by the lawsuit.
