BinanceUS facing mounting pressure as seven states in the US revoke its money transmission license

The United States has gradually revoked or refused to renew the money transmission license of BAM Trading Services Inc. operating under the name Binance US in multiple states this year. This week, North Dakota became the seventh area to join the ban.
(Narrative context:
The US is pressuring Binance! Florida and Alaska completely ban Binance.US operations
)
(Background supplement:
Binance US trading volume hits new low, executive exodus, entering hibernation period, what’s next?
)
Table of Contents
North Dakota announces revocation of Binance US license
Binance US has licenses revoked by multiple states in the US
After being sued by the SEC, Binance US suffered a severe setback in its business
In November of last year, Binance reached a settlement agreement with US Department of Justice, Commodity Futures Trading Commission (CFTC), and other institutions, admitting guilt and agreeing to pay a $4.3 billion fine. Founder Zhao Changpeng (CZ) admitted to charges of violating US anti-money laundering laws, stepped down as CEO of Binance, and began serving his sentence in a federal prison in California on June 1.
However, compliance issues regarding Binance.US have not been resolved, with several states in the US revoking or refusing to renew the money transmission license of BAM Trading Services Inc. operating under the name Binance US. North Dakota’s financial institutions on Monday (17) became the
latest area to announce
the revocation of Binance US license:
North Dakota’s financial regulatory authorities further stated:
Prior to this, other states in the US have taken regulatory actions against Binance US:
In November of last year, shortly after CZ admitted to violating US anti-money laundering laws, Florida suspended Binance US’s license.
In early January of this year, Alaska refused to renew Binance US’s license.
On January 23, North Carolina suspended Binance US’s license.
On January 29, Maine refused to renew Binance US’s license.
On April 24, Connecticut suspended Binance US’s license.
On April 30, Oregon revoked Binance US’s license.
With the addition of North Dakota announced on Monday, a total of 7 states have now announced the revocation or suspension of Binance US’s money transmission license. Although CZ’s case has concluded, the new measures taken by state regulatory authorities seem to be ongoing, and it remains to be seen whether more states will take similar regulatory actions in the future.
According to previous reports from CoinDesk, the SEC in June of last year
sued
Binance US, CEO Zhao Changpeng (CZ), Binance Holdings Limited, and its two subsidiaries BAM Trading Services and BAM Management US Holdings Inc., accusing the defendants of violating US securities trading rules and mishandling customer funds.
Subsequently, Binance US faced a series of increasingly severe legal and operational challenges, first with the SEC seeking court approval to freeze the assets of its parent companies BAM Trading and BAM Management. Furthermore, due to several banking partners cutting ties, Binance US was forced to
halt support for USD deposits and withdrawals
.
According to a report by Fortune magazine in early March of this year, Binance US Chief Operating Officer Christopher Blodgett testified in December of last year that the company had been forced to lay off over 200 employees, or two-thirds of its workforce, since June due to the SEC’s actions. Blodgett also stated in his testimony that following the SEC’s asset freeze request, Binance US’s platform revenue dropped by 75%:


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