Alaska and Florida Prohibit Binance US Operations
Binance US, a subsidiary of the world’s leading crypto exchange, has been ordered to cease operations in Alaska and Florida. The Office of Financial Regulation in Florida suspended Binance US’s license for money transmission, while the Alaska Division of Banking and Securities refused to renew its license. Binance US claims to be in active dialogue with state officials.
CZ’s Sentencing and Travel Request Denied
Former CEO Changpeng Zhao (CZ) and Binance reached a plea agreement with the U.S. government. CZ is scheduled for sentencing on February 23, 2024, with a potential 18-month prison term. His request to travel to the UAE was denied by a judge. Binance US has not commented on the possibility of appealing the prohibitions.
Binance US Ranks 41st in Crypto Exchange Volume
According to data from January 28, 2024, Binance US is currently the 41st largest crypto exchange by volume, with $9 million in trades processed over the last 24 hours.
Hot Take: Regulatory Pressure Mounts on Binance US
Regulatory authorities in Alaska and Florida have added to the challenges faced by Binance US, as these states have prohibited its operations. This follows the recent plea agreement between Binance and the U.S. government, which involves former CEO CZ. With CZ’s sentencing approaching and the denied travel request, Binance US finds itself in a precarious position. The ban in Alaska and Florida further complicates its operations and raises questions about the exchange’s future. It remains to be seen whether Binance US will appeal these prohibitions or face further regulatory actions in other jurisdictions.
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