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A court in Florida has overturned a ruling that led to Binance being blocked from the state.
The First District Court of Appeals made the unanimous decision yesterday, throwing out the emergency suspension order initially issued by the state's financial regulators.
Florida regulations issued the order, which suspended its money transmitter license, shortly after Binance founder Changpeng Zhao pleaded guilty to violating US anti-money laundering laws in November 2023.
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Binance.US challenged the order, claiming it was plagued with errors and interpreted laws. It cited potential losses for more than 170,000 users based in Florida.
On Wednesday, the state appeals court sided with the crypto platform and ruled that state regulators acted improperly by banning Binance from operating. The court concluded that regulators failed to justify its decision and thereby overturned the order, essentially allowing Binance to resume business in the state.
“A forced and untimely sale of Florida customers’ digital assets threatens financial harm because of digital asset price fluctuations,” the court wrote.
“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.”
Over in Nigeria, Binance executive Tigran Gambaryan had his bail denied on his 40th birthday by a local judge who feared he might be a flight risk.
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