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April

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 North Dakota’s financial regulator has revoked Binance.US’s money transmitter license, making it the seventh state to take such action.
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Lise Kruse, Commissioner of the North Dakota Department of Financial Institutions (DFI),<a style="color: #0000ff;" href="https://www.nd.gov/dfi/news/revocation-notice-bam-trading-services-inc-dba-binanceus" rel="noopener noreferrer nofollow"> announced</a> that BAM Trading Services, operating as Binance.US, failed to comply with the state’s money transmitter laws.
The revocation<a style="color: #0000ff;" href="https://www.nd.gov/dfi/sites/www/files/documents/Orders/Order%20-%20Revocation%20Notice%20of%20Right%20to%20Request%20Hearing.pdf" rel="noopener noreferrer nofollow"> order</a> cites the November federal conviction of Binance and its founder, Changpeng Zhao, for conspiracy to conduct an unlicensed money-transmitting business and failing to maintain an effective anti-money laundering program. Kruse further highlighted that Zhao, the “majority beneficial owner and control person” of Binance.
<blockquote>
 “The Commissioner finds the Respondent does not continue to meet the qualifications or satisfy requirements that may apply to an applicant for a new money transmitter license,” 
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the revocation order states.&nbsp;
Binance.US has until July 17, 2024, to request a reversal of the order, which would halt its effect.
North Dakota joins six other states—Alaska, Florida, Maine, North Carolina, and Oregon—in revoking or denying the renewal of Binance.US’s money transmitter license.&nbsp;
Florida<a href="https://www.wsj.com/livecoverage/stock-market-today-dow-jones-earnings-01-25-2024/card/states-take-aim-at-binance-us-after-cz-plea-LaSmw4OXrvEsyfibeU91" rel="noopener noreferrer nofollow"> led the charge</a> in November 2023 following Zhao’s guilty plea, with North Carolina and Maine following in January 2024. The Alaska Division of Banking and Securities<a style="color: #0000ff;" href="https://www.wsj.com/livecoverage/stock-market-today-dow-jones-earnings-01-25-2024/card/states-take-aim-at-binance-us-after-cz-plea-LaSmw4OXrvEsyfibeU91" rel="noopener noreferrer nofollow"> reportedly</a> denied the renewal of Binance.US’s license in January 2024.&nbsp;
On April 30, the Oregon Division of Financial Regulation also<a style="color: #0000ff;" href="https://dfr.oregon.gov/news/news2024/Pages/20240430-Binance-Revocation.aspx" rel="noopener noreferrer nofollow"> announced</a> the revocation of Binance.US’s license, effectively prohibiting the exchange from accepting money for transmission or holding and selling fiat or cryptocurrency to Oregon consumers. The regulator also pointed to Zhao’s conviction as a major reason for this action.
The Division’s statement read: 
<blockquote>
 “Due to the nature of the felonies committed by [former Binance CEO Changpeng] Zhao, the Division has revoked Binance.US’s money transmission license.”
</blockquote>
<a href="https://support.binance.us/hc/en-us/articles/360046786914-List-of-Unsupported-States" rel="noopener noreferrer nofollow">According to its website</a>, Binance.US has also temporarily paused new user onboarding in Connecticut, Georgia, Ohio, Minnesota, and Washington state. Notably, the company does not have licenses in New York, Texas, Vermont, and Hawaii.
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The post <a href="https://defi-planet.com/2024/06/north-dakota-becomes-seventh-us-state-to-revoke-binance-us-license/" rel="noopener noreferrer nofollow">North Dakota Becomes Seventh US State to Revoke Binance.US License</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

North Dakota Becomes Seventh US State to Revoke Binance.US License

DeFi Planet

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