• Binance US wins enchantment to reinstate its Florida money-services enterprise license.
• Court docket dominated OFR lacked authorized justification for the emergency suspension order.
• Binance US suspension posed monetary dangers to over 170,000 Florida account holders.

Binance US has efficiently appealed the suspension of its money-services enterprise license in Florida.

The Florida First District Court docket of Enchantment dominated that the emergency suspension order issued by the state Workplace of Monetary Regulation (OFR) lacked adequate authorized justification.

Binance US suspension was unjustified

The suspension, initiated following Binance CEO Changpeng Zhao’s responsible plea on November 21, 2023, to federal prices of violating U.S. Anti-Cash Laundering legal guidelines, was deemed unjustified by the court docket.

The court docket famous that the related state legislation makes use of the time period “may,” indicating discretion somewhat than a compulsory motion, for suspending a license.

In its ruling the court docket has stated that it requires the OFR to offer extra reasoning past merely citing the statute and to discover much less extreme options to outright suspension.

The court docket’s determination additional emphasised that the suspension posed important monetary dangers to over 170,000 Florida account holders.

The court docket acknowledged, “For Petitioner to immediately comply with the ESO, it would be necessary to liquidate the digital asset holdings of every customer [which] threatens financial harm because of digital asset price fluctuations.”

Binance US resumes operations in Florida

The suspension in Florida was one of many first amongst a number of states following Zhao’s plea, with related actions in Alaska, Maine, North Carolina, and Oregon.

As well as, the standing of Binance US’s operations stays unsure in Georgia and Ohio, whereas it has by no means operated in Hawaii, Minnesota, New York, Texas, and Vermont.

Though the ruling is topic to enchantment, Binance US can resume its operations in Florida for now.

The crypto change has, nevertheless, briefly paused new person onboarding in Florida whereas persevering with to serve its present prospects within the state.