美国最高法院驳回上诉，BNB价格暴跌，币安遭受重大打击

美国最高法院驳回了交易所巨头币安提出的上诉，同样辩称其不受美国证券法约束

The U.S Supreme Court has denied an appeal filed by exchange giant Binance, arguing that it is not subject to U.S securities laws as it does not have a physical headquarters in the country.

美国最高法院驳回了交易所巨头币安提出的上诉，称其不受美国证券法的约束，因为它在美国没有实体总部。

The denied appeal dealt a major blow to Binance Coin (BNB), which fell to a multi-week low of $660 before bouncing back to trade at $687 at press time.

上诉被驳回对币安币 (BNB) 造成重大打击，币安币跌至 660 美元的多周低点，但截至发稿时又反弹至 687 美元。

Details of the case

案件详情

This petition stemmed from a class action lawsuit that was filed against Binance in 2020. At the time, investors claimed that the exchange offered securities without being registered as a brokerage platform under U.S laws.

该请愿源于 2020 年针对币安提起的集体诉讼。当时，投资者声称该交易所提供证券，但未根据美国法律注册为经纪平台。

Binance denied these claims, arguing that it is not a U.S company and not subject to U.S regulations. In March 2022, Binance won the case and U.S District Judge Andrew Carter dismissed the lawsuit.

币安否认了这些说法，称其不是美国公司，不受美国监管。 2022 年 3 月，币安胜诉，美国地区法官安德鲁·卡特驳回诉讼。

However, in March last year, this lawsuit was revived by the Manhattan Appeals Court. It ruled that despite Binance not having its headquarters in the U.S, it is still subject to securities laws because U.S investors bought tokens from the exchange through U.S servers.

然而，去年3月，这起诉讼被曼哈顿上诉法院重启。它裁定，尽管币安总部不在美国，但它仍然受到证券法的约束，因为美国投资者通过美国服务器从交易所购买代币。

Binance seeks an appeal

币安寻求上诉

Binance appealed this decision in December 2024 before the U.S Supreme Court. The exchange claimed that technological innovations made it easier and more efficient for investors to access foreign financial markets. According to Binance,

币安于 2024 年 12 月向美国最高法院提起上诉。该交易所声称，技术创新使投资者更容易、更高效地进入外国金融市场。据币安称，

“Where such opportunities were once reserved for those able to travel abroad, work with international investment firms, or establish offshore entities, the internet has helped afford the same access to investors with fewer resources.”

“这些机会曾经是为那些能够出国旅行、与国际投资公司合作或建立离岸实体的人保留的，而互联网则帮助资源较少的投资者获得了同样的机会。”

However, the U.S Supreme Court has denied this appeal, upholding the Manhattan Court’s ruling that U.S laws applied to the exchange. As a result of the same, the case will now proceed.

不过，美国最高法院驳回了这一上诉，维持了曼哈顿法院关于美国法律适用于该交易所的裁决。因此，案件现在将继续进行。

Impact on BNB

对BNB的影响

News of the denied appeal stirred BNB’s price volatility. In fact, data from Coinglass revealed that in just 24 hours, $2M worth of BNB open positions were liquidated, out of which $1.94M were long positions.

上诉被驳回的消息引发了 BNB 的价格波动。事实上，Coinglass 的数据显示，在短短 24 小时内，价值 200 万美元的 BNB 未平仓头寸被清算，其中 194 万美元为多头头寸。

As long buyers are forced to sell BNB to close their positions, it exerts downward pressure on the price. Moreover, long traders are no longer willing to maintain their positions following a decline in funding rates.

由于多头买家被迫出售 BNB 来平仓，这对价格造成了下行压力。此外，在融资利率下降后，多头交易者不再愿意维持头寸。

(Source: Coinglass)

（来源：Coinglass）

At press time, BNB funding rates had flipped negative. This indicated that short traders are willing to pay funding fees to maintain their positions.

截至发稿时，BNB 融资利率已转为负值。这表明空头交易者愿意支付资金费用来维持头寸。

Is BNB ready for a recovery?

BNB 准备好复苏了吗？

At press time, BNB seemed to be under intense selling pressure. For instance – The Chaikin Money Flow (CMF) indicator dropped to the negative zone for the first time in over three weeks.

截至发稿，BNB 似乎面临着巨大的抛售压力。例如，柴金资金流向（CMF）指标三周多以来首次跌至负值区域。

The Average Directional Index (ADX) metric also tipped north, indicating that the prevailing downtrend has been gaining strength.

平均方向指数（ADX）指标也向北倾斜，表明当前的下降趋势正在增强。

(Source: Tradingview)

（来源：Tradingview）

Despite the selling activity, Binance Coin was still trading within a symmetrical triangle pattern. If it makes a bullish breakout from this pattern and flips resistance at the 0.5 Fibonacci level (706), it could invalidate the bearish trends. However, a breakout below the lower trendline could spur a drop towards $510.

尽管存在抛售活动，币安币仍在对称三角形模式内交易。如果其看涨突破该模式并翻转 0.5 斐波那契水平 (706) 的阻力位，则可能会使看跌趋势失效。然而，突破较低趋势线可能会导致跌向 510 美元。

One of the factors that could aid a bull run is the incoming leadership change at the US. Securities and Exchange Commission (SEC). Gary Gensler’s resignation as the SEC Chair could bode well for tokens that have previously been targeted by the commission

可能有助于牛市的因素之一是美国即将到来的领导层更迭。证券交易委员会（SEC）。加里·詹斯勒 (Gary Gensler) 辞去 SEC 主席职务，对于此前曾被委员会针对的代币来说可能是个好兆头