Binance.US faced license suspensions and denials in multiple states, including Florida, Alaska, Maine, North Carolina, and Oregon this year. The initial suspension in Florida was linked to Binance CEO Changpeng Zhao's admission of guilt for breaching U.S. Anti-Money Laundering regulations. The Florida First District Court of Appeal deemed the suspension unjustified, pointing out the financial jeopardy it posed to more than 170,000 state account holders due to potential asset liquidation and price fluctuations.
Following Zhao's guilty plea, the OFR swiftly suspended the Binance.US license, eventually leading to appeals and a temporary halt in new user onboarding in Florida. The decision also affected Binance.US activities in several other states, causing uncertainties in Georgia and Ohio while never operating as a cryptocurrency exchange in Hawaii, Minnesota, New York, Texas, and Vermont.
The Florida OFR did not provide an immediate comment on the case, leaving the status of Binance.US operations in various states in flux. The recent string of license suspensions and denials has raised concerns about the regulatory environment and enforcement actions within the cryptocurrency industry.
