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Binance

Binance.US Faces Regulatory Setbacks: Operations Suspended In Alaska And Florida

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Binance
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Binance.US, the United States subsidiary of Binance, the world’s largest crypto exchange by trading volume, continues to face increased scrutiny and operational hurdles in a series of escalating regulatory challenges. 

Following the resignation of its former CEO Changpeng Zhao (CZ) and ongoing investigations by the US Department of Justice (DOJ), Binance.US has been suspended from operating in Alaska and Florida. 

Alaska And Florida Regulators Deliver Blows To Binance.US

According to recent court filings, the Florida Office of Financial Regulation, responsible for administering and enforcing the provisions of the Florida Statutes, has taken action against Binance.US (referred to as “BAM Trading”). 

Related Reading: Judge Grants Ripple’s Motion To File A Sur-Reply Against The SEC, What This Means

Under section 120.60(6) of the Florida Statutes, the office can place a licensee on emergency suspension if their operation poses an immediate danger to public health, safety, or welfare.

According to the filing, the Florida Office of Financial Regulation took regulatory action based on its findings that BAM Trading’s operation presented an “immediate danger” to the public. The suspension is intended to protect the public’s interests and must be procedurally fair under the circumstances.

BAM Trading, which holds a money services business license to conduct money transmission, was granted this license by the Florida Office of Financial Regulation on July 16, 2020. However, the license is set to expire on April 30, 2024. 

Changpeng Zhao, the founder and former CEO of Binance Holdings Limited, is listed as the controlling shareholder and an indirect owner of BAM Trading. As per the United States District Court, Western District of Washington at Seattle, Zhao himself has been facing criminal charges related to Binance’s failure to maintain and implement an effective anti-money laundering (AML) program.

Regulatory Challenges Mount For Binance

In addition to the suspension in Florida, Binance.US has also encountered regulatory setbacks in Alaska. The banking division of Alaska has rejected the renewal of Binance.US’s license to operate in the jurisdiction. The specific reasons for the rejection have not been disclosed at this time.

The recent actions taken by regulatory authorities in Alaska and Florida reflect the ongoing crackdowns by the regulators toward the company to enforce compliance with the cryptocurrency market within the United States. 

Binance’s leadership changes and the criminal charges its former CEO faces have further complicated the company’s regulatory landscape.

Related Reading: Rise Of The Machines: AI Crypto Trading Bots Driving $145 Million Market By 2029 – Study

As the situation unfolds, the company must navigate these challenges and work closely with regulators to address the concerns raised. The outcome of these regulatory battles will have significant implications for Binance and the broader cryptocurrency industry.

Binance
The daily chart shows BNB’s price recovery. Source: BNBUSDT on TradingView.com

Featured image from Shutterstock, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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