BAM Trading Services, Inc. d/b/a Binance.US Voluntarily Surrenders Georgia License

The Consent Order was entered to resolve a Notice of Intent to Revoke Money Transmitter License issued to BAM Trading on the grounds that the ultimate equitable owner of BAM Trading, Changpeng Zhao, pleaded guilty to the felony offense of violating and causing a financial institution to violate the Bank Secrecy Act, 31 U.S.C. § 5311 et seq., thereby placing Mr. Zhao in violation of 31 U.S.C. §§ 5318(h), 5322(b), 5322(c), and 5322(3), 18 U.S.C. § 2, and 31 C.F.R. § 1022.210. Pursuant to O.C.G.A. § 7-1-684(c), the Department shall not issue a license or may revoke a license if it finds that any person who is a director, officer, partner, covered employee, or ultimate equitable owner of ten (10) percent or more of a licensee has been convicted of a felony.

Under the terms of the Consent Order, BAM Trading will be winding down its money transmission services in Georgia in an orderly and gradual manner whereby all assets of Georgia users shall be unstaked by no later than October 1, 2024, all trading activity by Georgia users on the BAM Trading platform shall cease by no later than December 1, 2024, and Georgia users should withdraw their funds from the BAM Trading platform by no later than December 1, 2024. Additionally, BAM Trading will no longer onboard new Georgia users to the BAM Trading platform, and all Georgia users with a balance of $0 will be prevented from conducting any activity on the platform.

Contact:

Rod Carnes
Deputy Commissioner for Non-Depository Financial Institutions
E-mail: [email protected]