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Haider Jamal

Jun 19, 2024

Binance US Continues To Face Legal Hurdles As North Dakota Revokes License

The Binance saga continues as the financial regulator of North Dakota, USA, has withdrawn the money transmitter license for Binance.US, making it the seventh state to do so. Binance is currently navigating significant legal challenges stemming via regulatory issues across various jurisdictions.

 

Failure To Comply

The North Dakota Department of Financial Institutions (DFI) Commissioner Lise Kruse stated on June 17th, 2024, that BAM Trading Services, operating as Binance.US, did not comply with state money transmitter regulations.

The decision to revoke the license cites the federal conviction status pertaining to the crypto exchange back in November for conspiracy related to unlicensed money transmission and failure to maintain an effective anti-money laundering program. Kruse emphasized that former Binance CEO, Changpeng Zhao, was recently convicted on felony charges for violating federal anti-money laundering laws.

 

Bad To Worse

The revocation order specifies that Binance.US has the opportunity to appeal the decision within 30 days, ending on July 17th, 2024. If no appeal is made, the order will take effect. Several other states, including Alaska, Florida, Maine, North Carolina, and Oregon, have also recently taken actions against BAM Trading Services regarding money transmission licenses.

Binance has been accused of operating without required licenses in several states like New York, Texas, Vermont, and Hawaii, where regulatory approval is mandatory for cryptocurrency exchanges. Additionally, allegations of insufficient implementation of AML measures have surfaced, triggering regulatory scrutiny and legal actions in multiple jurisdictions.

 

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