The 30-day period starting on July 17, 2024, allows Binance US the opportunity to appeal the decision.
Previously, states like North Carolina, Oregon, Florida, and Maine have taken similar actions.
The financial regulatory authority in North Dakota has joined seven others in canceling Binance US’s money transmitter license. Commissioner Lise Kruse of the North Dakota Department of Financial Institutions (DFI) announced on June 17 that BAM Trading Services, operating as Binance US, had violated the state’s money transmitter regulations.
The revocation order cites the lack of a sufficient anti-money laundering policy as well as the conviction of Binance and its founder Changpeng Zhao for operating an illegal money-transmitting business in November.
Kruse mentioned that Zhao, as the controlling person and main beneficiary of Binance, was found guilty of criminal charges related to the violation of federal anti-money laundering laws.
The revocation order also states that the Commissioner has determined that the Respondent does not meet the necessary criteria or standards for a new money transmitter license application.
If no appeal is made within the 30-day period starting on July 17, 2024, the order will take effect. Binance US had its money transmission license renewal denied or revoked in seven states, with North Dakota being the latest.
Following Zhao’s guilty plea in November, Binance US services were suspended in Florida, making it the first state to do so. North Carolina and Maine followed suit on January 23 and 29, respectively.
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Binance US Faces More Problems as North Dakota Revokes License
