On Wednesday, June 26, the Washington State Department of Financial Institutions (DFI) revoked Binance.US's authorization to operate. In accordance with the DFI order to suspend the license of Binance.US, the cryptocurrency platform was asked to suspend the registration of new clients from June 30. And also complete trading operations and withdraw user funds from Binance.US no later than August 20.
The formal reason for the revocation and refusal to renew the Binance.US license was the prosecution and arrest of former Binance CEO Changpeng Zhao on charges of non-compliance with anti-money laundering (AML) and anti-terrorist financing (CFT) requirements. And also, local authorities clarify, the inability of Binance.US to provide the regulator with comprehensive and accurate information about its activities.
This is not the first time that the Binance.US exchange has come under regulatory crackdown in the United States. Previously, restrictions on the activities of the cryptocurrency platform were introduced by state regulators: Florida, New York, Texas, Vermont. Alaska, North Carolina and Maine
The day before, the license of BAM Trading Services, the operator of the American division of Binance.US, was revoked by the North Dakota Department of Financial Institutions.
