North Dakota's Department of Financial Institutions has become the latest regulatory body to revoke the money transmitter license of Binance.US, marking the seventh state to take such action against the cryptocurrency exchange's American subsidiary.

Commissioner Lise Kruse of the North Dakota DFI cited Binance's convictions related to money transmission and anti-money laundering (AML) failures as grounds for the revocation. Specifically, the revocation order referenced Binance and its founder Changpeng Zhao's federal conviction in November for conspiracy to operate an unlicensed money-transmitting business and for failing to maintain an effective AML program.

Kruse highlighted that Zhao, identified as Binance's "majority beneficial owner and control person," had recently faced felony charges for violating federal AML laws.

"The Commissioner finds that Binance.US no longer meets the qualifications or satisfies the requirements necessary for holding a money transmitter license," stated the revocation order.

Binance.US has a 30-day window to appeal the revocation order, expiring on July 17, 2024. If no appeal is made by then, the order will come into effect.

North Dakota joins Alaska, Florida, Maine, North Carolina, and Oregon in taking similar regulatory actions against BAM Trading Services, the operator of Binance.US. These actions come in the wake of Zhao's guilty plea in November, which prompted Florida to become the first state to cease Binance.US operations.

Additionally, New York, Texas, Vermont, and Hawaii have previously denied licenses to Binance.US, while several other states, including Connecticut, Georgia, Ohio, Minnesota, and Washington, have temporarily paused new user onboarding by the exchange, as indicated on the Binance.US website.