OFR Settles with Binance.US Money Transmitter in Florida

FL OFR Press Releases

Filed November 4th, 2025

Detected February 12th, 2026

Summary

The Florida Office of Financial Regulation (OFR) has reached an agreement with BAM Trading Services, Inc. (Binance.US), a licensed money transmitter. This settlement addresses procedures to protect Floridians and the marketplace, following a prior multi-state settlement related to a felony conviction.

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What changed

The Florida Office of Financial Regulation (OFR) has finalized an agreement with BAM Trading Services, Inc., operating as Binance.US, a cryptocurrency exchange licensed as a money transmitter in Florida. This agreement mandates that BAM Trading Services, Inc. adhere to its implemented procedures designed to safeguard Florida consumers and maintain marketplace integrity. The settlement follows a prior multi-state agreement stemming from the 2023 felony conviction of Changpeng Zhao.

Regulated entities, particularly cryptocurrency exchanges operating as money transmitters in Florida, should review their compliance procedures to ensure they align with the OFR's expectations for consumer protection and marketplace integrity. While no specific penalties are detailed in this announcement, adherence to the agreed-upon procedures is binding. The OFR encourages Floridians to report any suspected financial misconduct.

What to do next

Review and ensure adherence to implemented procedures for consumer protection and marketplace integrity.
Monitor for any further guidance or enforcement actions from the OFR regarding cryptocurrency exchanges.

Source document (simplified)

OFR Enters into Agreement with BAM Trading Services, Inc.

11/04/2025

Tallahassee, Fla. — Today, the Office of Financial Regulation announced that an agreement was reached with BAM Trading Services, Inc., doing business as Binance.US, a cryptocurrency exchange currently licensed in Florida as a money transmitter.

This year, BAM Trading Services, Inc., has entered into agreements with several states including a multi-state settlement agreement due to Changpeng Zhao’s 2023 felony conviction, who has since been pardoned by President Trump.

Importantly, in the agreement with the OFR, BAM Trading Services, Inc., has agreed to follow its implemented procedures which will protect Floridians and the integrity of the marketplace.

Floridians who suspect questionable financial business practices are encouraged to file a complaint online at www.flofr.gov, or by calling (850) 487-9687.

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