Beginning on July 17, 2024, a 30-day period will commence in which Binance US has the opportunity to appeal a recent decision. Following suit, states such as North Carolina, Oregon, Florida, and Maine have taken similar actions.
The financial regulatory body in North Dakota has joined seven other states in revoking Binance US’s money transmitter license. Commissioner Lise Kruse of North Dakota’s Department of Financial Institutions (DFI) announced on June 17 that BAM Trading Services, operating as Binance US, had breached the state’s money transmitter regulations. The revocation was based on the lack of an adequate anti-money laundering policy and the conviction of Binance and its founder Changpeng Zhao for operating an illegal money-transmitting business.
Kruse also revealed that Zhao, who holds a key role in Binance, was found guilty of criminal charges related to violating federal anti-money laundering laws. The revocation order states that the Respondent does not meet the necessary criteria for a new money transmitter license application.
If no appeal is made within the 30-day period starting on July 17, 2024, the revocation order will take effect. BAM Trading Services has been denied or had its money transmission license revoked in a total of seven states, with North Dakota being the latest addition.
In recent months, several states, including North Carolina, Oregon, Florida, and Maine, have taken similar actions. Florida was the first state to restrict Binance US’s services after Zhao’s guilty plea in November. Following suit, North Carolina and Maine also took similar actions on January 23 and 29, respectively.
In other news, a DJT Memeco linked to former President Trump and allegedly created by Martin Shkreli has garnered attention in the crypto community.