Binance US Operation Suspended in Florida and Alaska
Crypto giant Binance US in hot water: Regulatory freeze shuts down Alaska & Florida operations.
Binance US, a subsidiary of the world's largest crypto exchange, has been facing increasing regulatory problems since CEO Changpeng Zhao's resignation and US Department of Justice investigations, In recent news Binance US has been stopped from operating in Alaska and Florida.
According to a court filing, Florida regulators have taken legal actions against Binance US, they cited Binance US as a danger to the public and suspended the crypto firm’s services in the state, the regulators claimed that this suspension is aimed at protecting the public’s interest.
Binance US got a money services license from Florida in 2020 which would expire in April 2024. Changpeng Zhao, founder and former CEO of Binance Holdings also faces criminal charges for not maintaining a good anti-money laundering program.
Along with the regulatory setback in Florida, BinanceUS also faces issues in Alaska. Alaska's banking division has refused to renew Binance US’s license for undisclosed reasons.
These steps by Alaska and Florida show regulators' efforts to control cryptocurrency companies in the US. The recent change in Binance’s leadership and Changpeng Zhao’s criminal Charges have made things even harder for the company.
Binance must work with regulators to solve these problems which could impact the whole cryptocurrency industry.
