Florida court reinstates Binance US money services license
Binance US wins appeal to reinstate its Florida money-services business license. Court ruled OFR lacked legal justification for the emergency suspension order. Binance US suspension posed financial risks to over 170,000 Florida account holders. Binance US has successfully appealed the suspension of its money-services business license in Florida. The Florida First District Court of Appeal ruled that the emergency suspension order issued by the state Office of Financial Regulation (OFR) lacked sufficient legal justification. Binance US suspension was unjustified The suspension, initiated following Binance CEO Changpeng Zhao’s guilty plea on November 21, 2023, to federal charges of violating U.S. Anti-Money Laundering laws, was deemed unjustified by the court. The court noted that the relevant state law uses the term “may,” indicating discretion rather than a mandatory action, for suspending a license . In its ruling the court has said t...