April

when

Bold

Oregon has become the sixth state to revoke, suspend, or decline to renew Binance.US’ license to operate there, following a spate of refusals earlier this year.
The Oregon Division of Financial Regulation<a href="https://dfr.oregon.gov/news/news2024/Pages/20240430-Binance-Revocation.aspx" rel="noopener noreferrer nofollow"> announced</a> on April 30 that it had revoked Binance.US’s license, as a result of which it is prohibited from accepting money for transmission, holding, or selling fiat or crypto for Oregon consumers. The division is explained in a statement:
“Due to the nature of the felonies committed by [former Binance CEO Changpeng] Zhao, the Division has revoked Binance.US’s money transmission license.”
<h2 id="span-style-font-weight-400-oregon-takes-a-bold-step-span">Oregon Takes a Bold Step</h2>
Oregon was following the example of five states that moved against the exchange after Zhao pleaded guilty to violating anti-money laundering laws. Florida was the first state to act, suspending Binance.US’ license in November, shortly after Zhao’s guilty plea.<a href="https://thecoinrise.com/binance-us-hits-regulatory-roadblocks-in-alaska-and-florida/" rel="noopener noreferrer nofollow"> Alaska followed suit at the beginning of January,</a> when it declined to renew its license.
North Carolina suspended Binance.US’ license on January 23, and Maine declined to renew its license on January 29. According to a local press report, Connecticut suspended Binance.US’ license on April 24.
<h3 id="span-style-font-weight-400-binance-us-operations-in-other-states-span">Binance.US’ Operations in Other States</h3>
Binance.US never received licenses in New York, Texas, Vermont, or Hawaii. The exchange also announced the<a href="https://thecoinrise.com/binance-us-suspends-usd-deposits-as-bank-partners-shifts-tone/" rel="noopener noreferrer nofollow"> temporary suspension of USD deposits</a>.
According to one page on the Binance.US website, its services are unavailable in Georgia and Ohio as well, although another page indicates that the exchange has licenses there. Binance opened a regional hub in Georgia with a staff of 25 in March 2023.&nbsp;
Its license in Minnesota does not cover the exchange or transmission of virtual currency. Meanwhile, Oregon has already taken a bold step.
<h2 id="span-style-font-weight-400-troubles-other-than-losing-oregon-span">Troubles Other Than Losing Oregon</h2>
That is not the full extent of Binance.US’ troubles. Binance.US chief operating officer Christopher Blodgett said in a court deposition in December that the exchange had taken a “near-mortal blow,” forcing it to lay off over 200 staff members, due to U.S. banks’ unwillingness to work with it.
The U.S.<a href="https://thecoinrise.com/binance-us-request-rescheduling-crucial-hearing-in-sec-lawsuit/" rel="noopener noreferrer nofollow"> Securities and Exchange Commission (SEC)</a> sued Binance in June. In that suit, the SEC claimed that Binance.US had failed to register as an exchange, broker, and clearing agency.&nbsp;
It further alleged that Binance.US lacked controls over “manipulative trading,” engaged in wash trading, and had commingled funds with Binance, which created Binance.US in 2019 under regulatory pressure.
The post <a href="https://thecoinrise.com/oregon-revokes-binance-us-license-sixth-state-to-do-so/" rel="noopener noreferrer nofollow">Oregon Revokes Binance.US’ License, Sixth State to do So</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Oregon Revokes Binance.US’ License, Sixth State to do So

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