SEC dismisses Binance lawsuit – How did BNB react?
Macro headlines weighed on BNB despite the positive regulatory update on the Binance lawsuit.
- The SEC and Binance have moved to fully dismiss the 2-year-long lawsuit.
- BNB failed to react to the news amid overall market pressure from the macro front.
The U.S. Securities and Exchange Commission (SEC) has finally signaled to dismiss the two-year-long Binance exchange lawsuit.
According to court documents, the agency and Binance sought full (‘with prejudice’) dismissal of the case, meaning it shouldn’t be filed again.
“The parties stipulate that this litigation be dismissed with prejudice as to the conduct alleged in the Amended Complaint, and without costs or fees to any party.”
Crypto regulatory relief
The update comes after a 60-day pause on the lawsuit in February as the parties waited for the outcome of the agency’s crypto task force.
Reacting to the regulatory relief, Binance CEO, Richard Teng, credited President Donald Trump and SEC Chairman Paul Atkins.
“The tide has turned. The SEC’s case against us is dismissed – justice, finally. Huge credit to Chairman Atkins and the Trump administration for standing up to regulatory overreach.”
The exchange’s U.S. subsidiary welcomed the update, terming it a confirmation that it didn’t ‘violate U.S. securities laws.’
The exchange immediately restored USD deposits, which had been previously restricted during the lawsuit.
For Binance founder CZ, he took a swipe at former SEC chair Gary Gensler, posting a clown-like edited image of the chair on his X account.
BNB records slow accumulation
On the BNB markets, trading volumes spiked 10% to $2B in the past 24 hours. However, on the 12-hour timeframe, the overall bias appeared slightly bullish.
According to exchange netflow, about $4M worth of BNB was withdrawn from exchanges, suggesting mild accumulation.
Worth pointing out, however, the speculative interest, as denoted by Open Interest (OI), remained muted in the second half of May.
CoinGlass data showed that BNB’s OI has eased from $858M to $806M over the past three days, underscoring sluggish demand from the Futures markets.
A similar trend was observed on price charts. BNB price was rejected near $700 and was on the verge of dropping to $640.
Since mid-May, the uptrend momentum has weakened, as shown by the Average True Range (ATR, red) southward movement.
However, with tariff headlines returning, macro factors may derail bulls in the short term. If so, BNB may retrace to $640 short-term support until a strong catalyst emerges.
