Florida Court Reinstates Binance’s U.S. Money Services License

• Binance US wins appeal seeking reinstatement of Florida’s Money Services Business License.
• The court ruled that OFR had no legal justification for the emergency suspension order.
• Binance US account suspensions posed financial risks to more than 170,000 account holders in Florida.

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

Florida First Court of Appeals Domination The emergency cease and desist order issued by the state Office of Financial Regulation (OFR) lacks sufficient legal legitimacy.

Business Binance US suspension was unjustified

The trading suspension was initiated after Binance CEO Changpeng Zhao pled guilty to federal charges on November 21, 2023, for violating U.S. anti-money laundering laws. The court was held to be unreasonable.

The court noted that relevant state laws use the term “may” with respect to license suspension, indicating discretion rather than mandatory action.

In its ruling, the court said it requires OFR to provide additional reasons beyond simply citing the statute and to consider less severe alternatives to outright suspension.

The court’s decision further emphasized that the account suspensions posed significant financial risks to Florida’s more than 170,000 account holders.

The court stated that “for the claimant to comply with the ESO immediately, it would be necessary to liquidate all customer digital asset holdings.” [which] Price fluctuations in digital assets may cause economic damage. ”

Business Binance US resumes operations in Florida

of Outage in Florida The state was one of the first to follow Zhao’s petition, joining similar measures in Alaska, Maine, North Carolina and Oregon.

Additionally, Binance US’s operations in Georgia and Ohio remain unclear, while it has never operated in Hawaii, Minnesota, New York, Texas, or Vermont.

The ruling is subject to appeal, but Binance US can resume operations in Florida for now.

However, while the cryptocurrency exchange continues to serve existing customers in Florida, it has temporarily stopped accepting new users in the state.