ChainCatcher reported that according to News.bitcoin, the Ohio Department of Commerce’s Department of Financial Institutions (DFI) recently announced that it has ordered cryptocurrency exchange Coinzoom Inc. to immediately cease operations in the state. Coinzoom holds a money transmission license in Ohio, provides a variety of financial products, and supports more than 30 cryptocurrencies.
The directive, which took effect on August 1, prohibits Coinzoom from accepting new business or assets from Ohio residents. However, existing Ohio customers can still withdraw fiat or crypto assets. The suspension follows a multistate bank examination in which Ohio regulators were unable to verify Coinzoom's financial condition due to incomplete or inaccurate financial records. The suspension will last until the DFI or a court modifies or rescinds the order, and Coinzoom has requested an administrative hearing.
