Compass Investments

– Cryptocurrency giant Binance US is in trouble: regulators have suspended operations in Alaska and Florida

Binance US, a subsidiary of the world’s largest cryptocurrency exchange, is in trouble with regulators following the resignation of CEO Changpeng Zhao and an investigation by the US Department of Justice. According to the latest news, Binance US operations have been suspended in Alaska and Florida.

According to court documents, Florida regulators filed a case against Binance US, declaring it a danger to the public and suspending the cryptocurrency company’s operations in the state.

Binance US received its Florida money services license in 2020, which expires in April 2024. Chao Changpeng, the founder and former CEO of Binance Holdings, also faces criminal charges for failing to provide a proper anti-money laundering program.

In addition to failures with regulators in Florida, BinanceUS has also run into trouble in Alaska. The Alaska banking industry refused to renew BinanceUS’s license for undisclosed reasons.

These moves by Alaska and Florida show that regulators are trying to control cryptocurrency companies in the US. Binance’s recent leadership change and the criminal prosecution of Zhao Changpeng further complicates the company’s situation.

Binance must work with regulators to address these issues, which could affect the entire cryptocurrency industry.”