Oregon has become the sixth state to revoke, temporarily freeze, or refuse to renew Binance.US's license for operations within its jurisdiction following a series of revocations that began earlier this year.
In April 2024, the Oregon Department of Financial Regulation announced the revocation of Binance.US's license, prohibiting it from accepting funds from Oregon residents for the transfer, storage, or sale of fiat currency or cryptocurrency. The department noted that the decision was made in connection with crimes committed by former Binance CEO Changpeng Zhao.
This action follows similar measures taken by five other states after Zhao admitted guilt in violating anti-money laundering laws. Florida was the first state to suspend Binance.US's license in November, following Zhao's admission of guilt. Other states also took similar actions in early 2024.
Binance.US does not hold licenses in New York, Texas, Vermont, and Hawaii. Its services are also unavailable in Georgia and Ohio.
In December 2023, Binance.US's Chief Operating Officer Christopher Blodgett revealed that the exchange faced significant challenges, leading to the dismissal of over 200 employees due to U.S. banks' refusal to work with them.
The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance in June 2023, alleging that Binance.US was not registered as an exchange, broker, or clearing agency, and was not controlling manipulative trading, engaging in fictitious trading, and commingling funds with Binance's parent company.
