Atlanta, Georgia – On January 9, 2025, the Georgia Department of Banking and Finance (“Department”) entered into a Consent Order with Changpeng Zhao, the ultimate equitable owner of BAM Trading Services, Inc. d/b/a Binance.US. The Consent Order was entered to resolve an Order to Cease and Desist that was issued to Changpeng Zhao based on his felony conviction for violating and causing a financial institution to violate the Bank Secrecy Act, 31 U.S.C. § 5311 et seq., which thereby placed 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. Because of his felony conviction, Changpeng Zhao was in violation of O.C.G.A. § 7-1-691(4), which prohibits any person engaged in money transmission in this state, including any person required to be licensed as a money transmitter, from engaging in any activity that would subject a licensee to suspension or revocation of its license or any activity that the Department may prohibit pursuant to rule or regulation, whether or not the person has a license.

Under the terms of the Consent Order, Changpeng Zhao is prohibited from engaging in the following activities from the later of five (5) years from the date of entry of this Consent Order or until he receives a pardon for his felony conviction: applying for a Georgia money transmitter license, either in his individual capacity or as an ultimate equitable owner or executive officer of an applicant; controlling the affairs of a Georgia money transmitter; and acting as an ultimate equitable owner or executive officer of a Georgia money transmitter.

 

Contact:

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

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