North Dakota Revokes Binance US License Amid Zhao’s Legal Troubles

North Dakota has revoked Binance US's money transmitter license following compliance concerns and the recent legal issues surrounding its founder, Changpeng Zhao. The North Dakota Department of Financial Institutions cited non-compliance with state laws as the primary reason for the decision.



In an official statement, the Department noted, “The Commissioner of the North Dakota Department of Financial Institutions has revoked the money transmitter license of BAM Trading Services, Inc., operating as Binance.US.”



Zhao’s recent legal troubles, including a guilty plea in April to violating U.S. anti-money laundering (AML) laws, played a significant role in the decision. This plea led to a four-month prison sentence related to Binance’s operations. Zhao first admitted guilt in November 2023, which notably did not result in Florida revok


First found on: Cryptonews from Coinatory