<div class="coinjournal">
 <ul>
  <li>Binance US wins appeal to reinstate its Florida money-services business license.</li>
  <li>Court ruled OFR lacked legal justification for the emergency suspension order.</li>
  <li>Binance US suspension posed financial risks to over 170,000 Florida account holders.</li>
 </ul>
 <p>Binance US has successfully appealed the suspension of its money-services business license in Florida.</p>
 <p>The Florida First District Court of Appeal ruled that the emergency suspension order issued by the state Office of Financial Regulation (OFR) lacked sufficient legal justification.</p>
 <h2 id="binance-us-suspension-was-unjustified">Binance US suspension was unjustified</h2>
 <p>The suspension, initiated following Binance CEO Changpeng Zhao’s guilty plea on November 21, 2023, to federal charges of violating U.S. Anti-Money Laundering laws, was deemed unjustified by the court.</p>
 <p>The <a rel="noopener noreferrer nofollow" title="court" href="https://thebittimes.com/tag/court.html">court</a> noted that the relevant <a rel="noopener noreferrer nofollow" title="state" href="https://thebittimes.com/tag/state.html">state</a> law uses the term “may,” indicating discretion rather than a mandatory action, for suspending a <a rel="noopener noreferrer nofollow" title="license" href="https://thebittimes.com/tag/license.html">license</a>.</p>
 <p>In its ruling the <a rel="noopener noreferrer nofollow" title="court" href="https://thebittimes.com/tag/court.html">court</a> has said that it requires the OFR to provide additional reasoning beyond merely citing the statute and to explore less severe alternatives to outright suspension.</p>
 <p>The court’s decision further emphasized that the suspension posed significant financial risks to over 170,000 Florida account holders.</p>
 <p>The court stated, “For Petitioner to immediately comply with the ESO, it would be necessary to liquidate the digital asset holdings of every customer [which] threatens financial harm because of digital asset price fluctuations.”</p>
 <h2 id="binance-us-resumes-operations-in-florida">Binance US resumes operations in Florida</h2>
 <p>The suspension in Florida was one of the first among several states following Zhao’s plea, with similar actions in Alaska, Maine, North Carolina, and Oregon.</p>
 <p>In addition, the status of Binance US’s operations remains uncertain in Georgia and Ohio, while it has never operated in Hawaii, Minnesota, New York, Texas, and Vermont.</p>
 <p>Although the ruling is subject to appeal, <a rel="noopener noreferrer nofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a> US can resume its operations in Florida for now.</p>
 <p>The crypto exchange has, however, temporarily paused new user onboarding in Florida while continuing to serve its existing customers in the state.</p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/florida-court-reinstates-binance-us-money-services-license-tbt89334.html">https://thebittimes.com/florida-court-reinstates-binance-us-money-services-license-tbt89334.html</a></p>

Florida court reinstates Binance US money services license

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TheBitTimes

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