Memecoin

Reversal

<ul> 
 <li>The 30-day period begins on July 17, 2024, during which Binance US may seek reversal.</li> 
 <li>Earlier, states including North Carolina, Oregon, Florida, and Maine have followed suit.</li> 
</ul> 
The North Dakota state financial watchdog has joined seven others in revoking Binance US’s money transmitter license. On June 17, Commissioner Lise Kruse of North Dakota’s Department of Financial Institutions (DFI) said that BAM Trading Services, doing business as Binance US, had violated the money transmitter rules of the state. 
An adequate anti-money laundering policy was not maintained. And <a href="https://thenewscrypto.com/what-prompted-binance-to-list-zksync-zk-trading-pairs/" target="_blank" rel="noreferrer noopener">Binance</a> and its creator Changpeng Zhao were convicted of conspiring to run an unlawful money-transmitting company in November. These are the grounds cited in the revocation order for pulling the license. 
<h3 class="wp-block-heading" id="h-may-seek-reversal-of-the-ruling">May Seek Reversal of the Ruling</h3> 
Moreover, according to Kruse, <a href="https://thenewscrypto.com/binance-founder-changpeng-zhao-reportedly-owns-64-of-bnb-tokens/" target="_blank" rel="noreferrer noopener">Zhao</a>, who is the control person and primary beneficial owner of Binance, was found guilty on criminal counts related to breaking federal anti-money laundering rules. 
Furthermore, the revocation order indicates that the Commissioner has determined that the Respondent does not fulfill the criteria or standards. That may be applicable to a new money transmitter license application. 
The 30-day period beginning on July 17, 2024, during which Binance US may seek reversal of the ruling, will expire. If no request is received by that time, the order will be effective. The money transmission license that BAM Trading Services had applied to renew has been denied or revoked in seven states, with <a href="https://www.nd.gov/" target="_blank" rel="noreferrer noopener nofollow">North Dakota</a> becoming the seventh. 
In the last several months, states including North Carolina, Oregon, Florida, and Maine have followed suit. Immediately after Zhao’s guilty plea in November, Binance US’ services were cut down in Florida. Making it the first state to do so. The next two US states to do the same, on January 23 and 29, were North Carolina and Maine, respectively. 
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Trouble Continues for Binance U.S as North Dakota Revokes License

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