Binance.US Consent Order - Cease Money Transmission in North Dakota
Summary
The North Dakota Department of Financial Institutions has entered into a Consent Order with BAM Trading Services, Inc. d/b/a Binance.US. Under the order, Binance.US will cease all money transmission activities in North Dakota and its license will be terminated.
What changed
The North Dakota Department of Financial Institutions (ND DFI) has issued a Consent Order against BAM Trading Services, Inc., operating as Binance.US. This order mandates that Binance.US cease all money transmission activities within North Dakota and consequently terminate its state money transmission license. The action stems from the requirement for entities engaged in receiving or transmitting money or cryptocurrency on behalf of others to hold a license under North Dakota law.
This regulatory action means Binance.US is no longer permitted to conduct money transmission business in North Dakota. Regulated entities and compliance officers should note this cessation of operations and ensure any existing relationships or transactions with Binance.US in North Dakota are reviewed and adjusted accordingly. While no specific compliance deadline is mentioned for external parties, the order itself signifies an immediate cessation of licensed activity for Binance.US in the state.
What to do next
- Review existing relationships with Binance.US for North Dakota operations
- Ensure compliance with North Dakota money transmission licensing requirements if operating in the state
Source document (simplified)
Consent Order with BAM Trading Services, Inc. d/b/a Binance.US
Wednesday, May 28, 2025 - 01:00 am
Categories: Order The Commissioner of the North Dakota Department of Financial Institutions has entered into a Consent Order with BAM Trading Services, Inc. doing business as Binance.US (“Binance”). Money transmission activity includes receiving money or crypto currency to send to a location within or outside the United States on another person’s behalf. To lawfully engage in the business of money transmission, a license is required under North Dakota Century Code Chapter 13-09.1.
Under the Consent Order Binance will cease engaging in the business of money transmission in North Dakota and its license will be terminated.
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