On April 30, 2024, the Oregon Division of Financial Regulation (DFR)
revoked the money transmitter license of BAM Trading Services Inc., dba Binance.us, a cryptocurrency exchange. The revocation followed felony convictions of Changpeng Zhao, the majority beneficial owner and control person of Binance, for violations of anti-money laundering laws. Other states that have taken similar actions to revoke, suspend, or accept the surrender of Binance’s money transmitter licenses include Alaska, Connecticut, Georgia, Kansas, Maine, Michigan, North Carolina, North Dakota, Ohio, and Washington.
Following the revocation of Binance’s Oregon license, the company and DFR negotiated an orderly wind down of the business, including prohibiting Binance from accepting new fiat (U.S. dollar) or cryptocurrency funds from Oregon consumers as of the date of the order. In May, Binance began notifying customers residing in Oregon that held fiat or cryptocurrency on its platform of the need to withdraw or transfer their funds off of the Binance platform. The Oregon users had until Dec. 9 to complete any withdrawals or transfers, and were notified by Binance that any crypto assets remaining on the platform after such date would be converted to fiat and, along with any other remaining funds, transferred to the Oregon State Treasury’s Unclaimed Property Program. The transfer of funds from Binance to the Unclaimed Property Program occurred on Dec. 20.
Oregon consumers who believe they had a fiat or cryptocurrency balance on the Binance platform as of Dec. 9 should search the
Treasury’s Unclaimed Property Program and follow the instructions therein to submit a claim to recover their funds. Oregon consumers should also consult with their tax professionals to determine what, if any, tax consequences there might be relating to any transfer of their funds off the Binance platform.
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About Oregon DFR: The Division of Financial Regulation protects consumers and regulates insurance, depository institutions, trust companies, securities, and consumer financial products and services. The division is part of the Department of Consumer and Business Services, Oregon’s largest consumer protection and business regulatory agency. Visit
dfr.oregon.gov and
dcbs.oregon.gov.