As a long-term crypto investor with a deep understanding of the regulatory landscape, I’m pleased to see Binance.US win this appeal against the Emergency Suspension Order (ESO) issued by the Florida state regulator. The court’s decision highlights that the plea deals involving Changpeng Zhao and Binance Holdings do not provide sufficient evidence for suspending Binance.US from operating in the state.
As a crypto investor, I’m thrilled to share some good news about Binance.US, the American subsidiary of the world’s largest cryptocurrency exchange, Binance. The Florida First District Court of Appeal overturned the Emergency Suspension Order (ESO) issued by the Florida state regulator against Binance.US on Wednesday. This means that the platform can now continue its operations in the Sunshine State.
Court Rules in Favor of Binance.US
The First District Court of Appeal in Florida decided on May 22 that non-compliance with Anti-Money Laundering (AML) and Bank Secrecy Act regulations by Changpeng Zhao and Binance Holdings does not prevent Binance.US from continuing its operations within the state.
The court ruled that the Florida Office of Financial Regulation did not provide sufficient evidence to support their legal determination that Zhao’s actions warranted suspending the license of Binance.US in Florida based on the allegation that Zhao’s conduct presented an imminent risk to public health, safety, and welfare, requiring an emergency suspension.
November 29, 2023, saw the Office of Foreign Assets Control (OFR) take immediate action by issuing a suspension order (ESO). This order aimed to halt the money-services business license held by Binance.US and prohibited the exchange from continuing with money transmission activities.
As a researcher examining this case, I’ve identified an issue with the ESO’s procedure and interpretation of sections 560.114(2) and 120.60(6) in Florida Statutes. The court has pointed out these errors in their analysis of the order. Moreover, the ESO neglected to explore alternative solutions instead of suspending the license, which could lead to substantial financial consequences.
Binance Faces Challenges in the US
As a crypto investor, I’ve noticed a significant decrease in trading volumes on Binance.US, Binance’s American subsidiary. This downturn can be attributed to several factors that have arisen recently. For instance, the suspension of their money transmitter license and increased regulatory scrutiny have caused some turbulence in the platform’s operations.
As a researcher studying the ongoing legal battle between Binance and the Securities and Exchange Commission (SEC), I can share that we’re currently in the discovery and deposition stage of the proceedings. Both parties are working through disagreements concerning the implementation of an earlier consent order issued by the court.
As an analyst, I’d rephrase the recent development regarding Binance as follows: Lately, Binance has made strides in its argument against the SEC’s stance on stablecoins, BUSD and USDC, being unregistered securities. A revealing exhibit within the US DOJ filing indicates that USDC does not meet the criteria of a security under the Howey test.
“However, there isn’t enough factual evidence to label USDC as a security or submit this issue to a jury trial. The essence of a security lies in the expectation that profits will be generated for its holders through the efforts of others.”
Read More
- SOL PREDICTION. SOL cryptocurrency
- USD ZAR PREDICTION
- MNT PREDICTION. MNT cryptocurrency
- AVAX PREDICTION. AVAX cryptocurrency
- TAO PREDICTION. TAO cryptocurrency
- WAN PREDICTION. WAN cryptocurrency
- BEN PREDICTION. BEN cryptocurrency
- DPLAT PREDICTION. DPLAT cryptocurrency
- Dogecoin And Shiba Inu Fear & Greed Index Drops To Neutral, Time To Buy?
- ANKR PREDICTION. ANKR cryptocurrency
2024-05-22 18:58