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Notice of money transmission revocation for Binance.US

April 30, 2024

Salem – The Oregon Division of Financial Regulation revoked the Oregon money transmission license of BAM Trading Services, Inc., doing business as Binance.US. As a result, Binance.US may no longer accept money for transmission, hold, or sell fiat or crypto funds for Oregon consumers. 

In November 2023, Binance.US's majority beneficial owner and control person, Changpeng Zhao, plead guilty to felony charges stemming from his willful violations of U.S. anti-money laundering and sanctions law. Due to the nature of the felonies committed by Zhao, the Division has revoked Binance.US's money transmission license in Oregon. Following Zhao's felony pleas, AlaskaFloridaMaine, and North Carolina have also revoked, or denied the renewal of, Binance.US's money transmission licenses in those jurisdictions. 

If Oregon consumers have questions about the tax implications of a transfer or liquidation of assets held with Binance.US, the division encourages those persons to consult with a tax advisor.

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Jason Horton