PANews reported on June 19 that according to Bitcoin.com, due to compliance issues and legal troubles involving former Binance CEO Changpeng Zhao (CZ), several U.S. states have taken action to revoke or refuse to renew Binance US's funds transmission license. North Dakota financial regulators announced that the state has joined Alaska, Florida, Maine, North Carolina and Oregon in taking similar actions to revoke or refuse to renew BAM Trading Services' funds transmission license.
The North Dakota Department of Financial Institutions stated in an announcement on Monday that the commissioner found that BAM Trading Services, Inc. (the operating entity of Binance US) failed to comply with the state's laws and that the majority equity beneficiary and controller, Changpeng Zhao, had pleaded guilty to felony charges under the U.S. Anti-Money Laundering Act. Earlier news, Changpeng Zhao is currently serving a four-month sentence. As part of a settlement agreement with the U.S. Department of Justice (DOJ), he pleaded guilty to violating the Bank Secrecy Act and agreed that Binance would pay a fine of up to $4.3 billion.
Other states have also taken similar regulatory actions against Binance US. In November last year, Florida suspended Binance US's license shortly after Zhao Changpeng pleaded guilty; in January this year, Alaska refused to renew its license; subsequently, North Carolina and Maine took similar measures on January 23 and January 29, respectively; while Connecticut and Oregon suspended or revoked Binance US's license on April 24 and April 30, respectively.
