North Dakota recently revoked Binance.US license from US state

Financial regulators in North Dakota have revoked the money transfer license for Binance.US, the U.S. branch of Binance, making it the seventh state to do so.

North Dakota Department of Financial Institutions (DFI) Director Lise Kruse said on June 17 that BAM Trading Services, which does business as Binance.US, failed to comply with the state’s money transfer laws.

The revocation order lists Binance and its founder Changpeng Zhao’s federal convictions in November on charges of conspiracy to conduct an unlicensed money transfer business and failing to maintain an effective anti-money laundering program as reasons for revoking the license.

Zhao, the “majority beneficial owner and controller” of Binance, was recently convicted of a felony for violating federal anti-money laundering laws, Kruse added.

“The Director determines that Respondent does not continue to meet any qualifications or requirements applicable to applicants for a new money transfer service license,” the revocation order states.

Binance.US gives you 30 days to request order cancellation, which will stop on July 17, 2024.

If no request is made by then, the order will go into effect.

North Dakota is the seventh state to cancel or deny a money transfer permit renewal requested by BAM Trading Services.

Alaska, Florida, Maine, North Carolina and Oregon have also taken similar steps in recent months.

Related: Former New York Fed President Joins Binance.US Board of Directors

Florida was the first state to suspend Binance.US’ services in November, shortly after Zhao pleaded guilty.

North Carolina and Maine were the next U.S. states on January 23 and January 29.

Binance.US is not licensed in New York, Texas, Vermont, and Hawaii.

New user onboarding has also been temporarily suspended in Connecticut, Georgia, Ohio, Minnesota, and Washington states, according to the Binance.US website.

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