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Binance ($BNB) Makes A Strong Comeback, Surpasses Solana In Market Rankings

Will Izuchukwu by Will Izuchukwu
December 27, 2023
in News
Reading Time: 2 mins read
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In a recent legal settlement, the U.S. District Court for the Northern District of Illinois issued a significant order imposing substantial fines on Binance. 

The exchange faced staggering penalties, totaling $2.7 billion, with Binance CEO Changpeng Zhao also receiving a $150 million civil penalty. This legal development included fines from the Commodities Futures Trading Commission and disgorgement of ill-gotten transaction fees. Former Chief Compliance Officer Samuel Lim faced a $1.5 million civil financial penalty.

#BNB rebounds post-SEC settlement; Meanwhile, @GalaxyFoxToken ($GFOX), the hybrid play-to-earn and memecoin sensation, soars toward $2 million in an unprecedented presale rally… ↓#Sponsoredhttps://t.co/QkehYnhsOd

— BSCN (@BSCNews) December 27, 2023

To comply with the court order, Binance is required to implement substantial operational changes, emphasizing the establishment of a robust corporate governance framework. Despite these legal challenges, Binance has maintained its position as the leading global exchange.

Binance $BNB Price Action To Watch

In the midst of legal uncertainties, Binance’s native token, $BNB, demonstrated resilience by experiencing a notable surge after the settlement. With a 20% increase over the past week and a 7% gain today, $BNB rose from $286 to $315. This surge propelled $BNB to surpass Solana in market capitalization, reclaiming the coveted fourth position with a market cap of $47.48 billion, compared to Solana’s $46.87 billion at the time of reporting.

🚨 JUST IN: #Binance $BNB Overtakes #Solana With Almost $1B, Reclaiming Its 4th Position On The Market Cap 🔥🚀 pic.twitter.com/cqJZ5r6go1

— CoinEcho (@mycoinecho) December 27, 2023

As Binance adapts to the aftermath of legal proceedings, the strong performance of $BNB reflects investor confidence, contributing to the token’s climb in the crypto rankings. The regained position underscores Binance’s enduring influence and adaptability within the ever-evolving cryptocurrency landscape.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.

Follow us on Twitter @thevrsoldier to stay updated with the latest Crypto, NFT, and Metaverse news!

Image Source: stlegat/123RF // Image Effects by Colorcinch

Tags: binanceBNBSOLsolana
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