Binance.US to Resume Money Services in Florida

Binance.US successfully appealed the suspension of its money-services business license in Florida.

The Florida First District Court of Appeal ruled that the emergency suspension order issued by the state Office of Financial Regulation (OFR) lacked legal justification.

This suspension was in response to Binance CEO Changpeng Zhao’s guilty plea for violating US Anti-Money Laundering law in 2023.

The appeals court stated that the OFR could suspend a license only if it provided fair reasoning and considered alternative options.

Moreover, the court noted that the suspension would cause significant financial losses and tax liabilities for over 170,000 account holders. Binance.US would be forced to sell all digital assets in order to comply with the suspension, potentially resulting in financial harm due to fluctuations in digital asset prices.