EddieJayonCrypto

 19 Jun 24

tl;dr

North Dakota has revoked Binance US' money transmitter license due to compliance issues, citing the legal troubles of its founder, Changpeng Zhao. This adds to the regulatory pressure on the cryptocurrency exchange, which is facing lawsuits and investigations across the United States. Other states, ...

html

North Dakota has revoked Binance US' money transmitter license due to compliance issues, citing the legal troubles of its founder, Changpeng Zhao.

This adds to the regulatory pressure on the cryptocurrency exchange, which is facing lawsuits and investigations across the United States.

Other states, including Alaska, Florida, Maine, North Carolina, and Oregon, have also taken similar actions, either revoking or declining to renew Binance US' license.

The North Dakota Department of Financial Institutions announced that Binance US failed to comply with North Dakota laws.

The regulator’s official announcement stated: "The Commissioner has found that BAM Trading Services, Inc. has failed to comply with North Dakota laws. Additionally, majority beneficial owner and control person, Changpeng Zhao, has pled guilty to felony charges for violating the U.S. anti-money laundering laws."

CZ recently was sentenced to a four-month’ prison after pleading guilty to violating anti-money laundering laws. This followed a lawsuit by the Securities and Exchange Commission (SEC) against Binance for allegedly offering unregistered securities, which resulted in a $4.3 billion settlement. CZ also agreed to pay a $50 million personal penalty.

The North Dakota Department of Financial Institutions stated: "North Dakota joins Alaska, Florida, Maine, North Carolina, and Oregon who have taken similar actions to revoke or deny the renewal of BAM Trading Services’ Money Transmission License."

Florida had suspended the exchange’s license in November 2023, shortly after CZ’s guilty plea. Alaska denied Binance.US’s license renewal in January, and North Carolina and Maine followed suit in the same month. Connecticut suspended the license on April 24, and Oregon revoked it on April 3.

Disclaimer

The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.
 14 Nov 24
 14 Nov 24
 14 Nov 24