Key Takeaways:
- North Dakota revoked the money transmitter license for Binance.US due to non-compliance with state laws.
- The revocation is tied to federal convictions against Binance and founder Changpeng Zhao for unlicensed money-transmitting and inadequate anti-money laundering measures.
- Binance.US has until July 17, 2024, to appeal the decision; otherwise, the revocation becomes effective.
North Dakota has revoked the money transmitter license for Binance.US, making it the seventh state to do so.
Lise Kruse, Commissioner of the North Dakota Department of Financial Institutions (DFI), announced that BAM Trading Services, operating as Binance.US, failed to comply with state money transmitter laws.
UPDATE: NORTH DAKOTA REVOKES BINANCE[DOT]US MONEY TRANSMITTER LICENSE AMID REGULATORY SCRUTINY
— BSCN Headlines (@BSCNheadlines) June 19, 2024
The revocation is linked to federal convictions against Binance and founder Changpeng Zhao for unlicensed money-transmitting and inadequate anti-money laundering measures.
The order, issued on June 17, states that Zhao’s conviction indicates Binance.US no longer meets the required qualifications for a money transmitter license.
North Dakota's financial regulatory authority has joined other US states in withdrawing https://t.co/NPpWJ8laIy’ money transmission license.#binance #binanceushttps://t.co/2krgRoXBE6
— Cryptonews.com (@cryptonews) June 19, 2024
Binance.US has until July 17, 2024, to request a reversal; otherwise, the revocation will become effective.
Other states that have revoked or denied the renewal of Binance.US‘s license include Alaska, Florida, Maine, North Carolina, and Oregon.
📉 North Dakota financial regulators have revoked Binance US's operating license, following similar actions by Florida, Alaska, North Carolina, Maine, Connecticut, and Oregon due to regulatory concerns. #Bitcoinworld
— BitcoinWorld Media (@ItsBitcoinWorld) June 19, 2024
Additionally, Binance.US lacks licenses in New York, Texas, Vermont, and Hawaii and has paused new user onboarding in several other states.
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