Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Florida court overturns Binance.US suspension order

Share This Post

The First District Court of Appeals in Florida has nullified an Emergency Suspension Order (ESO) issued by the Office of Financial Regulation against Binance.US, according to a court filing on May 22.

Earlier this year, Florida’s regulator banned Binance.US from serving its residents, citing “immediate danger” to the public as the reason for its decision. The regulator also pointed to Changpeng Zhao’s legal issues, as the founder and former CEO of Binance Holdings pleaded guilty to federal finance charges.

However, Binance.US argued that the suspension order contained procedural errors and misinterpreted local laws. The exchange also warned that suspending its license would lead to significant financial losses for over 170,000 accounts in Florida and highlighted the potential harm from the forced liquidation of customers’ digital assets.

In the ruling, the judges unanimously sided with Binance.US, noting that the Florida Office of Financial Regulation failed to justify that the process for arriving at its decision was fair under the circumstances.

The court further highlighted the possible financial harm from suspending the license and the potential damage to customers from forced liquidation. They wrote:

“A forced and untimely sale of Florida customers’ digital assets threatens financial harm because of digital asset price fluctuations. In addition, an account holder who is forced to sell a digital asset at a price higher than a cost basis would incur unplanned and extensive tax liabilities.”

Conclusively, the judges noted that the ESO failed to discuss alternative remedies or explain why less harsh measures would be insufficient to address the alleged emergency.

Binance.US is the US affiliate of Binance, the largest crypto trading platform by trading platform. The platform has slowly been rebuilding its customer base following the extensive regulatory scrutiny that collapsed its market share last year.

In April, the firm appointed Martin C. Grant, a former New York Federal Reserve Bank Compliance Chief, to its Board to improve compliance efforts and restore users’ trust in its services.

The post Florida court overturns Binance.US suspension order appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Trump Acknowledges Possible Recession, Highlights US Economy Is in Transition

While President Trump stated that anything could happen with the US economy given the current course of action, he clarified that he was not worried about a short-term recession “I think

Ethereum Tests Critical Range: Breakout Or Breakdown?

Ethereum is trading at a critical juncture as broader market sentiment turns bullish After weeks of stagnation and volatility, the second-largest cryptocurrency by market cap is attempting to

Deribit Targets US Expansion Amid Trump’s Crypto-Friendly Policies

Deribit, the world’s largest cryptocurrency options exchange with $13 trillion in trades last year, is considering entering the US market, encouraged by President Donald Trump’s promise to make

Bitcoin Faces Pivotal Level At Short-Term Holder Cost Basis – A Move To $132K?

Bitcoin is trading above the $95,000 level as bullish momentum builds and the market looks poised for a potential breakout After weeks of strong price action, bulls are now aiming to reclaim the

Warren Buffett Estimates That Trump’s Trade Policies Could Lead to Nuclear Confrontation

During Berkshire Hathaway’s 2025 annual shareholder meeting, Buffett criticized the Trump administration’s America First trade policies, suggesting that tariffs could be perceived as acts

Ethereum Exchange Exodus Deepens: $380M Withdrawn As Crucial Support Level Emerges

Ethereum has recently regained bullish footing, climbing to $1,847 after dipping below $1,750 toward the end of April This rebound follows a period of volatility, with price movements fluctuating