Binance.US announced the suspension of its cryptocurrency and derivatives services for users in Washington starting August 20 due to regulatory sanctions.
Hello, due to regulatory developments in Washington, https://t.co/AZwoBOgsqS will suspend operations for Washington customers and close all accounts based in the state on or after August 20, 2024.
— Binance.US 🇺🇸 (@BinanceUS) June 26, 2024
Washington became the latest US state to withdraw the operating license of the exchange. This is the eighth time the exchange has come under regulatory scrutiny in a US jurisdiction. Other states have suspended, revoked or not renewed Binance’s operating license after former CEO Changpeng Zhao (CZ) pleaded guilty to violating anti-money laundering regulations.
Binance.US was founded in 2019 as a subsidiary of Binance.com, and its operations are independent of those of the parent company. However, the two companies share operating software, branding and logos. US regulators have accused the exchange of exchanging money with Binance.com, especially after CZ received a four-month prison sentence.
In June, North Dakota has been withdrawn exchange’s remittance license, forcing Binance.US to permanently suspend transactions involving fiat and cryptocurrency for local customers. The state government also cited the exchange’s lack of transparency and lack of cooperation. Oregon also made a similar move and suspended the exchange’s money transmitter license.
Binance.US also suspended new user onboarding in Georgia, Connecticut, Minnesota and Ohio while having its license revoked in New York, Texas, Vermont and Hawaii.
Recent regulatory developments in Washington follow a lawsuit filed by the US Securities and Exchange Commission (SEC) against Binance, the parent company of Binance.US.
The SEC accuses Binance.US of failing to comply with registration protocols as an exchange, digital asset broker, and clearinghouse. The US SEC also highlighted the exchange’s inadequate protocols to limit money laundering, manipulative trading, and trading. The SEC attempted to freeze Binance.US’s assets in June, but a judge denied the request.
India also made the exchange the center of attention on June 21 after apply The exchange has been hit with a hefty fine for facilitating digital asset services that violate the jurisdiction’s anti-money laundering regulations. India’s Financial Intelligence Unit (FIU) has fined the exchange $2.25 million, or about 188.2 million rupees.
Iatdori
According to Cryptopolitan
