Oregon has been among the states to charge the money transmission license of Binance.US, following the legal problems associated with the former CEO Changpeng Zhao of this cryptocurrency exchange. This action bans the cryptocurrency exchange from handling crypto money which is Oregon residents.
The Oregon Division of Financial Regulation, on April 30, provided reasons for this action. They stated that Zhao, the owner, was charged with violating anti-money laundering laws. Initially, Florida, Alaska, Maine, North Carolina, and Connecticut had banned Binance.US. After Zhao pleaded guilty to the charges, these states had no further action to take.
Oregon’s decision to revoke the license reflects increasing U.S. distrust of Binance.US, as local authorities intensify actions against the crypto exchange. In addition, among the challenges faced by the recent initiatives is the settlement of operational hiccups, including massive staff decreases owing to banking hitches.
In Oregon, where the tax rate has increased this year, consumers are advised to face liquidation or transfer to consult tax professionals for guidance.
Also Read: South Africa Grants License to 75 Crypto Companies, Spearheads Crypto Revolution
