A June 4 order from the financial regulator said Binance.US no longer qualifies as a digital asset and fiat currency company. The regulator called the revocation of the license from Binance.US an appropriate step, since it should protect local residents from transactions that are harmful to their wallets.
North Dakota became the seventh state to revoke Binance.US’s operating permit. Florida authorities were the first to do this: in November last year, shortly after Binance settled the claims of the US Department of Justice, agreeing to pay a fine of $4.3 billion. At the same time, the co-founder of the exchange, Changpeng Zhao, left his post as CEO.
At the same time, the authorities of the states of Alaska, Maine, North Carolina and Oregon revoked the license of Binance.US. North Carolina and Maine took similar actions in 2024.
Binance.US itself has suspended new user registrations in the states of Connecticut, Georgia, Ohio, Minnesota and Washington. The exchange was never able to obtain licenses to operate in the states of New York, Texas, Vermont and Hawaii.
Formally, Binance.US operates separately from its international parent company Binance.com. However, US authorities believe that the American division is in fact completely controlled by the parent company registered in the Seychelles. The US exchange uses the same name and logos, which are copyrighted and licensed to Binance.com. The American division of the site uses Binance software to conduct transactions.
In March, Binance.US management laid off 75% of the company’s employees. The reason for the dismissals was a lawsuit by the US Securities and Exchange Commission (SEC), which accused Binance.US of digital asset fraud.
Source: Bits
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