Following the guilty plea of Changpeng Zhao (CZ), founder and former CEO of crypto exchange Binance, in November 2023, several American states have asked the local arm of the trading platform to refrain from servicing their residents.
The Wall Street Journal reported that authorities in Florida and Alaska recently instructed Binance.US to cease its services in the regions.
Florida and Alaska Restrain Binance.US
Recall that the Department of Justice (DOJ) announced a $4.3 billion settlement with Binance late last year, but the exchange refrained from pleading guilty to willfully floundering the Bank Secrecy Act, among other charges. At the same time, CZ pleaded guilty to failing to implement a strong anti-money laundering (AML) program on the platform, accepting to pay a $50 million fine and resign from the CEO position.
Besides stepping down as Binance’s CEO, CZ also exited his role as chairman of Binance.US’ board of directors and transferred his voting rights to Norman Reed, the
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