Binance, one of the world's largest cryptocurrency exchanges, has been in a standoff with regulators over new rules it wants to impose on its customers.
The New York State Department of Financial Services (NYSDFS) has blocked the exchange from opening a new U.S. office and from obtaining a charter under the U.S. Bankruptcy Code to allow it operate as a trust company or bank in New York.
The move comes after Binance threatened to pull out of the United States unless it received an exemption from anti-money laundering regulations, something that would require prior approval from the NYSDFS because it is not an authorized dealer under federal law but is considered a money transmitter by state governments including New York.
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