Just because you can do something doesn’t mean you should, a state appeal court told the Florida Office of Financial Regulation.
Binance.US has scored a victory in its appeal of the suspension of its money-services business license in Florida. The Florida First District Court of Appeal found the emergency suspension order issued by the state Office of Financial Regulation (OFR) lacked legal justification.
The suspension of the Binance.US Florida license came in response to Binance CEO Changpeng Zhao’s guilty plea in federal court to charges of violating U.S. Anti-Money Laundering law on Nov. 21, 2023.
The appeals court cited state law that determined the OFR “may” suspend a money-services business license “by any procedure that is fair under the circumstances” if the agency provides reasons to show the decision is fair. Further, the agency did not discuss less harsh alternatives to suspension. The court found:
