Regulators in the states of Florida and Alaska decided to revoke the license that authorizes Binance.US, the exchange's subsidiary in the United States, to continue offering its services in those jurisdictions.  

According to information released by the Wall Street Journal on January 25, the Florida Office of Financial Regulation issued an emergency suspension order, revoking the money transmitter license that had been granted to the company.  

The order came shortly after Binance founder and former CEO Changpeng Zhao pleaded guilty to allowing money laundering on the platform last November. 

A similar decision was made by the Alaska Division of Banking and Securities, denying the renewal of Binance.US's license for this month of January 2024. 

Apparently the reasons have not been explained, because despite attempts by company representatives to seek clarification from the Alaska regulatory agency, they received no response. However, the causes are most likely the same as in the Florida case: Zhao's guilt. 

After making the decisions to deny permission, authorities in Florida and Alaska notified Binance that it is no longer authorized to provide services to residents of these two states. However, the platform remains active in the rest of the US jurisdictions. 

In late December 2023, regulators in Arkansas, Illinois, and South Dakota reached an agreement with Binance.US that allows it to continue operating in those states, despite the legal problem its founder faces. This, in exchange for Zhao's voting rights in the company being transferred to a third party, irreversibly.   

It is worth remembering that the agreement that the businessman signed with the Department of Justice establishes that he will continue to have a majority stake in the company, even when he has resigned his role as a director. He did this as a way to prevent the admitted crimes from affecting the organization. 

In that sense, the fact stands out that in the midst of the legal actions taken by the US government against the exchange, both the Binance.US subsidiary and the global platform have continued their operations in the country.  

A tweet from Binance, dated November 28, noted this: "We remain fully operational and are committed to continuing to serve our customers with the same products and services as always." However, the exchange remained subject to strict government supervision. A fact that, in the long term, could affect its operation. 

Following his guilty plea, Changpeng Zhao had difficulty leaving the United States to reunite with his family in the United Arab Emirates.  Court forced him to remain in the country until his sentence is handed down. It is expected that it will be established on February 23. The businessman faces a possible prison sentence of up to 18 months.