US backlash against Binance.US continues with sixth license revocation.

Oregon has become the sixth state to revoke, suspend or refuse to renew Binance.US’ license to operate there, following numerous rejections earlier this year.

The Oregon Department of Financial Regulation announced on April 30 that it had revoked Binance.US’ license, resulting in a ban on receiving money for remittance, holding or selling fiat or cryptocurrency for Oregon consumers. The department explained in a statement:

“Due to the nature of the serious crimes committed by (former Binance CEO Changpeng) Zhao, the Department has revoked Binance.US’ remittance license.”

Oregon followed the example of five states that opposed the exchange after Zhao pleaded guilty to violating anti-money laundering laws. Florida was the first state to take action to suspend Binance.US’ license in November, shortly after Zhao pleaded guilty. Alaska followed suit in early January, refusing to renew its license.

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

North Carolina suspended Binance.US’ license on January 23, and Maine declined to renew its license on January 29. According to local media reports, Connecticut suspended Binance.US’ license on April 24.

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

One page on the Binance.US website says the service is also not available in Georgia and Ohio, but another page says the exchange is licensed. Binance opened a regional hub in Georgia in March 2023 with 25 employees. Minnesota’s license does not include the exchange or transfer of virtual currency.

This is not the whole problem with Binance.US. Christopher Blodgett, Binance.US’ chief operating officer, said in court testimony in December that the exchange had suffered a “near-catastrophic blow” and had laid off more than 200 employees due to U.S. banks’ reluctance to cooperate.

The U.S. Securities and Exchange Commission (SEC) sued Binance last June. In the lawsuit, the SEC alleged that Binance.US failed to register as an exchange, broker, and clearinghouse. It also alleged that Binance.US lacked control over “manipulative trading,” engaged in wash trades, and commingled funds with Binance, which created Binance.US in 2019 under regulatory pressure.

Magazine: US and China seek to crush Binance, SBF demands $40 million bribe: Asia Express