{"id":8029,"date":"2024-05-02T05:32:01","date_gmt":"2024-05-02T05:32:01","guid":{"rendered":"https:\/\/www.cryptometer.io\/news\/?p=8029"},"modified":"2024-05-02T04:32:10","modified_gmt":"2024-05-02T04:32:10","slug":"binance-us-loses-oregon-license","status":"publish","type":"post","link":"https:\/\/www.cryptometer.io\/news\/binance-us-loses-oregon-license\/","title":{"rendered":"Binance.US Loses Oregon License"},"content":{"rendered":"\n

Oregon has become the latest state to take regulatory action against Binance.US, revoking its license to operate following former CEO Changpeng Zhao’s guilty plea<\/a> to felony charges. This move marks the sixth state to either revoke, suspend, or refuse to renew the license of the cryptocurrency exchange, echoing a growing trend of state-level backlash.<\/p>\n\n\n\n

States Take Action<\/h3>\n\n\n\n

Following Zhao’s admission of violating Anti-Money Laundering<\/a> laws, states have increasingly scrutinized Binance.US’s operations. Florida initiated the trend in November by suspending the exchange\u2019s license shortly after Zhao’s guilty plea. This was closely followed by Alaska and North Carolina, with both states taking similar measures in January. Maine and Connecticut also declined to renew the exchange’s license, citing regulatory concerns.<\/p>\n\n\n\n

The Oregon Division of Financial Regulation cited the serious nature of Zhao\u2019s felonies as the reason for the revocation, stating the decision was necessary to protect consumers in the state. The division emphasized that Binance.US is now prohibited from accepting money for transmission or holding or selling fiat or crypto for Oregon consumers.<\/p>\n\n\n\n

Also Read: INTERPOL Africa Moves to Extradite Binance Executive from Kenya<\/a><\/p>\n\n\n\n

Licensing Challenges and Operational Impact<\/h3>\n\n\n\n

Binance.US has faced significant challenges across various states, lacking licenses in New York, Texas, Vermont, and Hawaii. The exchange also reports conflicting information regarding its operational status in Georgia and Ohio, further complicating its U.S. presence. Despite opening a regional hub in Georgia earlier this year, the license obtained does not extend to the exchange or transmission of virtual currency.<\/p>\n\n\n\n

The repercussions of these licensing issues and regulatory actions have been profound for Binance.US. Christopher Blodgett, the chief operating officer, described the situation as a \u201cnear-mortal blow\u201d in a court deposition, revealing that the exchange had to lay off over 200 staff members due to U.S. banks’ reluctance to collaborate with them.<\/p>\n\n\n\n