Oregon Revokes Binance.US License Following Legal Issues

As an analyst with a background in finance and experience following the cryptocurrency industry, I believe that Oregon’s decision to revoke Binance.US’s money transmission license is a prudent move given the legal issues surrounding its former CEO Changpeng Zhao. The accusations of anti-money laundering violations are serious and require swift action from regulatory bodies.

Binance.US, a cryptocurrency exchange I use, has recently faced issues with regulatory authorities in Oregon. Specifically, they have been required to obtain a money transmission license, and unfortunately, I, along with other Oregon residents, am now prohibited from using their platform for crypto transactions. The former CEO of Binance.US, Changpeng Zhao, has been linked to these legal problems.

As a researcher, I’ve come across information from the Oregon Division of Financial Regulation regarding their decision to revoke Binance.US’s license on April 30. They cited that Zhao, the platform owner, was indicted for violating anti-money laundering regulations as the reason for this action. Previously, Florida, Alaska, Maine, North Carolina, and Connecticut had taken steps to ban Binance.US. However, following Zhao’s guilty plea, these states reportedly did not pursue any further actions against the platform.

Oregon’s move to revoke Binance.US’s license signifies growing U.S. suspicion towards the crypto exchange, with local authorities stepping up their actions. Moreover, Binance.US encounters operational difficulties, such as significant reductions in staff due to banking complications.

In Oregon this year, with the rise in tax rates, it’s recommended that residents consider either selling off their assets or consulting tax experts for advice before making any decisions.

Read More

2024-05-02 04:52