Florida Court Rules in Favor of Binance US

The Florida First District Court of Appeal has granted Binance US an appeal against the Emergency Suspension Order (ESO) issued by Florida state regulators in January of this year.

In mid-January, Florida’s Office of Financial Regulation issued the emergency suspension order against Binance US’ money transmitter license, a week after Binance’s founder, Changpeng Zhao, pleaded guilty to charges of violating US Anti-Money Laundering (AML) laws.

Similarly, in the same month, the Alaska Division of Banking and Securities denied Binance US its license renewal.

Fast-forward to today. Florida’s appeal court ruled in favor of Binance, stating that Florida regulators shouldn’t have denied Binance the ability to operate in the state because they failed to follow proper procedures for blocking the crypto exchange.

“The ESO contains a material error in procedure and an erroneous interpretation of sections 560.114(2) and 120.60(6), Florida Statutes.”

A Win For Binance?

The ruling comes in the middle of a legal storm that’s been pressuring not only its US subsidiary but the whole company for several months now. 

As if legal scrutiny by US authorities was not enough, Binance is accused of participating with DWF Labs, a crypto trading firm, of wash trading over $30 million in crypto assets during 2023.

But the crackdown continues even outside of the US. CryptoMode reported that Binance is facing a class action lawsuit in Canada for allegedly violating the Ontario Securities Act and federal law.