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<p class="is-style-lead">Crypto exchange platform Binance.US faces ongoing challenges intensified by regulatory scrutiny, especially in Florida and Alaska, where its operations have been suspended. </p> 
<h2 class="wp-block-heading" id="alaska-and-florida-regulators-deliver-blows-to-binance-us">Alaska and Florida regulators deliver blows to Binance.US</h2> 
<p>The Florida Office of Financial Regulation recently <a href="https://eu.docs.wps.com/module/common/loadPlatform/?sid=sIJ-F4bporL3UrQY&amp;v=v2" data-type="link" data-id="https://eu.docs.wps.com/module/common/loadPlatform/?sid=sIJ-F4bporL3UrQY&amp;v=v2" target="_blank" rel="noopener">decided</a> against Binance. US, known as BAM Trading under section 120.60(6) of the Florida statutes. </p> 
<p>This permits immediate suspension in case an operation is threatening public health, safety or welfare. The suspension seeks to protect the public’s interests as a result of findings that BAM Trading works posed an immediate danger.</p> 
<p>Binance.US has experienced challenges with regulatory issues in Alaska, as its banking division rejected license renewal for reasons not known yet.&nbsp;</p> 
<p>These actions underscore the regulators’ increasing scrutiny and commitment to enforcing compliance within the U.S. cryptocurrency market.</p> 
<p>The regulatory hurdles in Alaska and Florida are part of a broader crackdown on Binance.US. The leadership changes and criminal charges against former CEO <a href="https://crypto.news/binance-founder-changpeng-zhao-grounded-again-us-court/">Changpeng Zhao</a> add complexity to the company’s regulatory landscape. Navigating these challenges becomes crucial for Binance.US, necessitating the need for collaboration with regulators to address raised concerns.</p> 
<p> You might also like: <a href="https://crypto.news/binance-willfully-failed-to-report-over-100k-transactions-linked-to-fraud-and-scams-u-s-treasury-says/"> Binance ‘willfully failed’ to report over 100k transactions linked to fraud and scams, U.S. Treasury says </a> </p> 
<h2 class="wp-block-heading" id="bitcoin-btc-scheme-settlement-in-florida">Bitcoin (BTC) scheme settlement in Florida</h2> 
<p>In July 2023, two <a href="https://crypto.news/cftc-orders-two-florida-men-to-pay-5-4m-in-bitcoin-fraud-settlement/">individuals</a> from Florida settled charges brought by the CFTC, paying over $5 million in restitution. </p> 
<p>The US derivatives market regulator accused them of digital asset fraud, deceiving investors, and swindling funds intended for Bitcoin (<a href="https://crypto.news/bitcoin-price/">BTC</a>) purchases in 2018. Prohibited from trading or registering with the CFTC, this case reflects the increasing vigilance in the US regulatory environment.</p> 
<h2 class="wp-block-heading" id="tax-strategies-and-binance-safety-review">Tax strategies and Binance safety review</h2> 
<p>In May 2023, Glassnode <a href="https://crypto.news/crypto-tax-liability-reduction-strategies-may-be-changing-in-us/">highlighted</a> some areas where crypto investors can minimize tax liabilities, including relocation to tax-friendly states. The analysis pointed out that states such as Alaska, Florida, Nevada South, Dakota, Tennessee, Texas and Wyoming, having no income tax, offer good options for wealth preservation.</p> 
<p>To ensure user safety, a noteworthy development occurred in August 2022. Binance U.S. Consumer Safety <a href="https://crypto.news/all-binance-u-s-consumer-safety-files-to-be-reviewed-by-u-s-congressman/">files</a> were requested for review by a U.S. Congressman. </p> 
<p>The House Committee on Oversight and Government Reform’s subcommittee chair sought official documents demonstrating the firm’s compliance with investor-centric safety procedures, indicating a keen interest in securing user interests.</p> 
<p> Read more: <a href="https://crypto.news/binances-market-share-declined-by-5-amid-regulatory-pressure-data-shows/"> Binance’s market share declined by 5% amid regulatory pressure, data shows </a> </p>

Binance.US hit with regulatory setbacks in Florida and Alaska

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