The court ruled in favor of Binance.US regarding the Florida Office of Financial Regulation’s Emergency Suspension Order. The ESO contains a material error in procedure and an erroneous interpretation of the Florida Statutes. The order is inadequate on the grounds of plea agreements with Binance Holdings and Changpeng Zhao. Meanwhile, the giant stock market continues to face various challenges in the United States.
The court ruled in favor of Binance.US
Binance.US, a subsidiary of leading crypto exchange Binance, has won an appeal against an Emergency Suspension Order (ESO) by Florida’s state regulator, according to a decision issued by Florida’s First District Court of Appeals on Wednesday. Thus, the First District Court of Appeals for the State of Florida ruled that the plea agreements reached by Changpeng Zhao and Binance Holdings for failing to comply with the Anti-Money Laundering (AML) and Bank Secrecy Act were not sufficient to prevent the exchange from operating in the state.
The court held that the Florida Office of Financial Regulation (OFR) never supported a conclusion of law that Zhao’s conduct constituted grounds for suspending the license of the company’s Florida subsidiary, Binance.US. Because he stated that Zhao’s behavior did not include situations that required an immediate suspension.
The court asked: Is the only solution to suspend the license?
On November 29, 2023, OFR took action against Binance.US. Accordingly, OFR issued an emergency suspension order (ESO). This order aimed to suspend the exchange’s license to operate money services. He also wanted to stop the stock exchange from engaging in money transfer activities. According to the court analysis of the decision, “ESO, there is a material error in the procedure. It also contains an erroneous interpretation of sections 560.114(2) and 120.60(6), Florida Statutes.” The court also noted that ESO did not discuss alternative solutions to license suspension.
Binance faces challenges in the US
Meanwhile, Binance’s subsidiary Binance.US has seen a drastic drop in trading volumes. This was driven by a number of challenges, including increased scrutiny from regulators. The Binance and SEC case is in the discovery and deposition phase. However, the parties resolved disagreements regarding an earlier court consent order.
cryptokoin.comAs you can see, recently, United States v. United States v. An important development emerged in favor of the stock market, benefiting from the important details in the Eisenberg case. A document in the US DOJ filing states that USDC is not a security because it fails the Howey test. The following statements in the document attract attention:
But there is no factual basis to consider USDC a security or to pose that question to a jury. According to the DOJ filing, a key component of a security is that security holders “expect to profit” from the efforts of others.
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