As a crypto investor with several years of experience in the industry, I’m closely monitoring the latest developments regarding Binance US and their money transmitter license revocation in North Dakota. Given my background, I find this news particularly concerning.
Binance US’s money transmitter license in North Dakota was revoked due to non-compliance issues.
North Dakota authorities have decided to take away Binance US’s money transmitter permit over apprehensions regarding compliance matters and the ongoing legal disputes involving the company’s CEO, Changpeng Zhao.
The North Dakota Department of Financial Institutions declared that Binance US had violated North Dakota’s legal regulations.
“I, the analyst, hereby report that the North Dakota Department of Financial Institutions has taken the action to rescind the money transmitter license held by BAM Trading Services, Inc., which operates under the name Binance.US.”
In April, Binance’s representative, Zhao, admitted guilt for breaching American anti-money laundering regulations. Consequently, Binance faced a four-month imprisonment penalty.
In November 2023, Zhao admitted guilt initially, making Florida the trailblazer among states that didn’t rescind Business Applications Merger (BAM)’s transmitter license. Other states, including Alaska, Florida, Maine, North Carolina, and Oregon, have taken actions such as revoking or declining to renew the exchange’s license.
Binance sees another revocation
The announcement outlined several significant reasons behind the decision, with Zhao’s criminal charge for breaking federal anti-money laundering laws being the most influential factor. Binance and Zhao were found guilty by the federal authorities for running an unlicensed money transfer business. The decision to revoke the license additionally pointed to Binance.US’s inadequate anti-money laundering measures as a contributing element.
During the probe, North Dakota’s financial authorities raised objections due to Binance.US’s insufficient transparency and unwillingness to cooperate. They highlighted that the company neglected to supply required documents and records for regulatory compliance.
Due to Zhao’s uncooperative attitude, combined with his inflexibility in the situation, their actions resulted in the license being rescinded. This was because their behavior betrayed a lack of trustworthiness and failed to meet regulatory expectations.
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2024-06-19 19:36