North Dakota is the latest US state to revoke Binance.US's license
North Dakota Department of Financial Institutions Commissioner Pointed to Binance Money Transmitter and AML Convictions to Make the Case
North Dakota's financial regulator has revoked the money transmitter license for Binance's US subsidiary, Binance.US â becoming the seventh state to do so.
North Dakota Department of Financial Institutions (DFI) Commissioner Lise Kruse said on June 17 that BAM Trading Services â operating as Binance.US â failed to comply with the state's money transmission laws.
A revocation order notes that the November federal conviction of Binance and founder Changpeng Zhao for conspiracy to conduct an unlicensed money transmitting business and failure to maintain an effective anti-money laundering program are grounds for withdrawing the license .
Binanceâs âmajority beneficial owner and control person,â Zhao, was recently convicted on criminal charges of violating federal anti-money laundering laws, Kruse added.
âThe Commissioner finds that Respondent does not continue to meet qualifications or satisfy requirements that may apply to an applicant for a new money transmitter license,â the revocation order states.
Order of Revocation and Notice of Right to Request Hearing by North Dakota DFI. Source: North Dakota DFI
Binance.US can make a request to reverse the order within 30 days, which would cease on July 17, 2024.
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