Bank

bullish

Coin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bnb-faces-legal-obstacles" data-wpel-link="internal" rel="noopener noreferrer nofollow">BNB Faces Legal Obstacles</a><br></p>
<p style="text-align: justify">The price of <a href="https://en.bitcoinhaber.net/binance-coin-bnb-faces-a-downward-trend-will-it-bounce-back" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance Coin</a> (BNB) is encountering significant resistance due to several bearish elements, notably a class-action lawsuit filed by three cryptocurrency <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a> against Binance and its founder, Chengpang Zhao (CZ), over stolen assets. Although BNB has seen a 7% increase over the past 48 hours, this upward trend may not be sustainable given the legal challenges.</p>
<h2 id="what-are-the-legal-issues">What Are the Legal Issues?</h2>
<p style="text-align: justify">The lawsuit alleges that Binance failed to prevent money laundering, resulting in investor losses. Bill Hughes noted in a court filing that Binance knew of its lucrative business model and, to some degree, encouraged it. The plaintiffs argue that Binance was a major player in money laundering and constituted an illegal enterprise, violating the RICO Act.</p>
<p style="text-align: justify">A trial could significantly impact the exchange, BNB, and CZ, who is already serving a four-month prison sentence for breaching the Bank Secrecy Act. The sentiment shift among investors is further influencing BNB’s price, with a negative funding rate in the last 24 hours signaling a bearish outlook among BNB holders.</p>
<h2 id="bnb-price-analysis">BNB Price Analysis</h2>
<p style="text-align: justify">BNB is currently priced at $561, just beneath a crucial resistance zone between $575 and $619. This range has impeded BNB’s price growth since early March, with only one successful breach in June that led to a new all-time high of $721. Given the weak bullish momentum, BNB might dip below $550, even if it manages to temporarily break through the lower boundary at $575.</p>
<h2 id="key-takeaways-for-investors">Key Takeaways for Investors</h2>
<p style="text-align: justify">Investors can draw several significant conclusions from the current scenario:</p>
<ul style="text-align: justify">
 <li>BNB’s price is struggling to maintain an upward trend due to ongoing legal challenges.</li>
 <li>The class-action lawsuit could have severe implications for Binance and its founder, CZ.</li>
 <li>Current investor sentiment is bearish, indicated by a negative funding rate.</li>
 <li>Crucial resistance levels between $575 and $619 are acting as strong barriers.</li>
</ul>
<p style="text-align: justify">The <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">future</a> of BNB’s price remains uncertain amid these developments, making it a critical period for investors to watch closely and take informed decisions.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bnb-faces-legal-obstacles" data-wpel-link="internal" rel="noopener noreferrer nofollow">BNB Faces Legal Obstacles</a></h5>

BNB Faces Legal Obstacles

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