- Binance claimed that the SEC’s moves on digital assets were an oversight.
- BNB dipped for the second consecutive day to trade around $210.
Binance [BNB] recently challenged the Securities and Exchange Commission’s lawsuit, contending that it lacks jurisdiction to initiate legal action.
Read Binance’s [BNB] Price Prediction 2023-24
Binance moves to dismiss SEC’s charges
The legal dispute between Binance and the Securities and Exchange Commission (SEC) is ongoing, and Binance has recently taken action to challenge the regulatory body’s authority.
On 21 September, Binance, Binance.US, and Changpeng Zhao filed a motion to dismiss the SEC’s lawsuit. They argued that the SEC had not provided sufficient evidence to support its claims of various securities-related violations.
Additionally, they asserted that the SEC was attempting to assert authority over digital assets without clear legislative backing from Congress.
The SEC had initially filed its lawsuit against Binance and its affiliates on 5 June. The regulatory body alleged that the exchange had engaged in the sale of unregistered securities and was operating unlawfully in the United States.
How did Binance Coin react?
The daily chart for BNB indicated that it did not respond positively to the recent development from the exchange. Instead, it continued its ongoing downward trend.
On 21 September, when Binance made its legal move, BNB’s value decreased by more than 1.6% and was trading at $210.8. At the time of writing, it was experiencing a slight loss of less than 1%, hovering around $210.7.
Furthermore, the chart revealed that since its decline in May, BNB has spent a significant amount of time below the neutral line on its Relative Strength Index (RSI).
At press time, the RSI remained below the neutral line, indicating a persisting bearish trend. Additionally, its short-term Moving Average (represented by the yellow line) was acting as immediate resistance, located at around the $220 price level.
TVL and volume dip slightly
While unrelated to the recent legal developments, it’s worth noting that the trading volume on the Binance chain has been experiencing a decline in recent days.
How much are 1,10,100 BNBs worth today?
A glance at the volume chart on DefiLlama revealed that the trading volume had dropped from approximately $300 million to about $180 million. As of this writing, the volume stood at around $182 million.
Another metric that has seen a slight decrease is the Total Value Locked (TVL). At the time of writing, the TVL stood at $2.8 billion, which was a reduction from over $2.8 billion just a day earlier.