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Summary

North Dakota’s Department of Financial Institutions revoked Binance US’s money transmitter license due to violations of state rules, including inadequate anti-money laundering policy. Binance and Changpeng Zhao were convicted of illegal money transmission practices in November.

Introduction

On July 17, 2024, Binance US was granted a 30-day period to seek reversal of the license revocation by the North Dakota state financial watchdog. This action follows similar decisions made by states like North Carolina, Oregon, Florida, and Maine regarding Binance US.

Main Points

Commissioner Lise Kruse of North Dakota’s DFI stated that BAM Trading Services, operating as Binance US, breached money transmitter regulations. Changpeng Zhao, the primary owner, faced criminal charges related to violating federal anti-money laundering laws. The revocation order outlines the failure to meet licensing criteria for a new application.

Conclusion

If Binance US does not request a reversal of the ruling within the 30-day period, the license revocation will take effect. This marks the seventh state where BAM Trading Services’ money transmission license has been denied or revoked. Recent months have seen a trend of states following suit in cutting ties with Binance US, starting with Florida, then North Carolina, and Maine.

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