North Dakota Revokes Binance License Amidst Zhao Prison Sentence
Binance US’s money transmitter license in North Dakota was revoked due to non-compliance issues.
North Dakota has chosen to revoke Binance US’s money transmitter license due to concerns over compliance issues and the legal challenges faced by its founder, Changpeng Zhao.
The North Dakota Department of Financial Institutions announced that Binance US failed to comply with North Dakota laws.
“The Commissioner of the North Dakota Department of Financial Institutions has revoked the money transmitter license of BAM Trading Services, Inc. doing business as Binance.US,” the order read.
In April, Zhao pleaded guilty to violating U.S. anti-money laundering laws, resulting in a four-month prison sentence for Binance’s involvement.
Zhao initially pled guilty in November 2023, making Florida the first state not to revoke BAM’s transmitter license. Other states, such as Alaska, Florida, Maine, North Carolina, and Oregon, have also revoked or declined to renew the exchange’s license.
The announcement specified many key reasons for the decision, with Zhao’s felony for violating federal anti-money laundering laws being the key deciding factor. Binance and Zhao were federally convicted for operating an unlicensed money-transmitting business. The decision to withdraw the license also cited Binance.US’s insufficient anti-money laundering program as a contributing factor.
During the investigation, North Dakota’s financial regulators expressed concerns over the company’s lack of transparency and cooperation. They pointed out that Binance.US failed to provide documents and records for compliance.
The lack of cooperation — on top of Zhao’s conviction — ultimately led to the decision to revoke the license, as it breached trust and regulatory standards.
Ether Surges 16% Amid Speculation Of US ETF Approval
New York, USA – Ether, the second-largest cryptocurrency by market capitalization, experienced a significant surge of ... Read more
BlackRock And The Institutional Embrace Of Bitcoin
BlackRock’s strategic shift towards becoming the world’s largest Bitcoin fund marks a pivotal moment in the financia... Read more
Robinhood Faces Regulatory Scrutiny: SEC Threatens Lawsuit Over Crypto Business
Robinhood, the prominent retail brokerage platform, finds itself in the regulatory spotlight as the Securities and Excha... Read more
Binance: Tokenized RWA Market Surpasses $12b, Led By U.S. Treasuries
The market for tokenized real-world assets, excluding stablecoins, has surged past $12 billion, according to Binance. Th... Read more
Investors Pivot From PEPE, DOGE, Shift To New Hybrid Exchange Protocol
With memecoins like Pepe and Dogecoin plummeting, investors are turning to DTX Exchange for its hybrid trading potential... Read more
Pepe Unchained ICO Hits $13M As It Nears DEX Listings
Pepe Unchained raises $13M in a top ICO, aiming to tackle Ethereum’s slow speeds and high fees with a memecoin Layer-2... Read more