Binance.US suspended operations in Alaska and Florida due to regulatory issues

Binance.US branch ceased operations due to conflicts with local authorities

Binance.US, the arm of Binance for the US market, stopped operating this week in Alaska and Florida due to conflicts with local authorities.

According to a report by the Wall Street Journal (WSJ), this decision is due to the investigations and processes that the exchange faces in the US, which has led the regulators of those states to take action on the matter.

In the case of Florida, the regulators sued Binance.US to protect local citizens. This occurs despite the fact that the company still has a license to operate in that state, but that expires in April of this year.

As for Alaska, the halt of operations is due to the fact that local banking regulators rejected renewing the license of Binance.US, without giving further explanations on the matter.

These actions in Alaska and Florida against Binance.US are part of the efforts of the regulators to supervise more closely the companies in the crypto sector. This is related to the problems that Binance had and that resulted in a million-dollar agreement to resolve the accusations against it, which allows it to continue offering its services in the country with certain restrictions.

At the end of last year, the US government reached an agreement with Binance for the payment of more than USD $4,000 million in fines, mainly before the Treasury Department and the Commodity Futures Trading Commission (CFTC).

K. Tovar

Source: Diariobitcoin

(Reference image source: Kanchanara, Unsplash)

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