North Dakota’s Department of Financial Institutions Commissioner pointed to Binance’s money transmitter and AML convictions to make its case.
North Dakota’s financial regulator has revoked a money transmitter license for Binance’s United States arm, Binance.US — making it the seventh state to do so.
North Dakota Department of Financial Institutions (DFI) Commissioner Lise Kruse said on June 17 that BAM Trading Services — conducting business as Binance.US — failed to comply with the state’s money transmitter laws.
A revocation order notes Binance and founder Changpeng Zhao’s November federal conviction for conspiracy to conduct an unlicensed money-transmitting business and a failure to maintain an effective anti-money laundering program as reasons to pull the license.
