Justin Sullivan
A state appeals court in Florida overturned an emergency license suspension of Binance in the state on Wednesday, saying that the Office of Financial Regulation (“OFR”) didn’t follow proper procedure in suspending the cryptocurrency exchange.
In November 2023, Florida’s OFR issued the emergency suspension order (“ESO”) on review after Binance Holdings and its founder, Changpeng Zhao, entered plea agreements for failing to implement anti-money laundering and Bank Secrecy Act compliance programs. As part of the plea deal, Zhao stepped down from his executive roles at the company and relinquished his voting rights.
At the time, the OFR cited an immediate serious danger to the public health, safety, and welfare when a person listed on a licensee’s application for a money services business license is criminally charged with or arrested for a crime.
A judge in the First District Court of Appeal in the State of Florida…
