Regulatory Alerts2025-06-20
Added · Updated
Consent Order Imposing Sanctions on BAM Trading Services Inc. d/b/a Binance.US
BAM Trading Services Inc. d/b/a Binance.US must pay a $60,000 civil penalty and surrender its Connecticut money transmission license within sixty days of the surrender request. The entity is prohibited from applying for licensure in Connecticut until November 21, 2033, unless control person Changpeng Zhao ceases to be a control person. BAM Trading must commence winding down its Connecticut operations by June 23, 2025, ceasing all trading activity by August 22, 2025, and converting remaining customer virtual assets to fiat currency for distribution via check. Any uncashed checks remaining after ninety days must be remitted to the Connecticut Office of the Treasurer in accordance with state unclaimed property laws.
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