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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 decided 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 <a rel="noopener noreferrer nofollow" title="regulator" href="https://thebittimes.com/tag/regulator.html">regulator</a>s’ increasing scrutiny and commitment to enforcing compliance within the U.S. cryptocurrency market.</p>
 <p>The <a rel="noopener noreferrer nofollow" title="regulatory" href="https://thebittimes.com/tag/regulatory.html">regulatory</a> hurdles in Alaska and Florida are part of a broader crackdown on Binance.US. The leadership changes and criminal charges against former CEO Changpeng Zhao add complexity to the company’s <a rel="noopener noreferrer nofollow" title="regulatory" href="https://thebittimes.com/tag/regulatory.html">regulatory</a> landscape. Navigating these challenges becomes crucial for Binance.US, necessitating the need for collaboration with <a rel="noopener noreferrer nofollow" title="regulator" href="https://thebittimes.com/tag/regulator.html">regulator</a>s to address raised concerns.</p>
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Binance ‘willfully failed’ to report over 100k transactions linked to fraud and scams, U.S. Treasury says
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 <h2 class="wp-block-heading" id="bitcoin-btc-scheme-settlement-in-florida">Bitcoin (BTC) scheme settlement in Florida</h2>
 <p>In July 2023, two individuals from Florida settled charges brought by the CFTC, paying over $5 million in restitution.</p>
 <p>The US derivatives market <a rel="noopener noreferrer nofollow" title="regulator" href="https://thebittimes.com/tag/regulator.html">regulator</a> accused them of digital asset fraud, deceiving investors, and swindling funds intended for Bitcoin (BTC) purchases in 2018. Prohibited from trading or registering with the CFTC, this case reflects the increasing vigilance in the US <a rel="noopener noreferrer nofollow" title="regulatory" href="https://thebittimes.com/tag/regulatory.html">regulatory</a> 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 highlighted some areas where crypto investors can minimize tax liabilities, including relocation to tax-friendly states. The <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> 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 files 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>
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Binance’s market share declined by 5% amid regulatory pressure, data shows
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/binance-us-hit-with-regulatory-setbacks-in-florida-and-alaska-tbt77975.html">https://thebittimes.com/binance-us-hit-with-regulatory-setbacks-in-florida-and-alaska-tbt77975.html</a></p>

Binance.US hit with regulatory setbacks in Florida and Alaska

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