Binance Coin (BNB) has faced declining momentum as Binance’s high-stakes legal battle with the Securities and Exchange Commission (SEC) continues heating up. Since June, Binance has been embroiled in a lawsuit alleging the exchange sold unregistered securities, including BNB.
On September 21st, Binance filed to dismiss the SEC complaint. However, BNB has struggled to sustain its attempted recovery due to the lawsuit’s negative impact on investor sentiment. After falling to $213 in early September, BNB dipped another 1.1% to $211 by September 22nd.
The legal fight has also led Binance to reduce services, shocking BNB holders by suddenly cutting Polygon NFT support. Multiple trading pairs have also been delisted amid the turmoil.
Despite the lawsuit’s drag on performance, the BNB community remains hopeful that Binance will prevail in court. A legal win could provide the catalyst needed for BNB to surge to $243, per some analyst predictions. But the SEC case continues clouding BNB’s outlook for now.
