North Dakota's financial regulator has revoked the money transfer license of Binance's US subsidiary, Binance.US. This is the seventh state to make such a decision. 📉

North Dakota Department of Financial Institutions (DFI) Commissioner Liz Kruse said BAM Trading Services, operating under the Binance.US brand, did not comply with state remittance laws.

The revocation order states that Binance and its founder Changpeng Zhao were convicted in November of conspiracy to operate an illegal money transfer business and failure to maintain an effective anti-money laundering program.

Binance.US may apply to cancel the order within 30 days. If the application is not submitted, the order will take effect.

North Dakota became the seventh state to revoke or refuse to renew a money transmitter license requested by BAM Trading Services.

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