According to Bloomberg, Florida Court of Appeals lifted ban on Binance. On 22nd May, through a unanimous ruling by the First District Court of Appeal in Florida, restriction imposed upon Binance was turned down.
Florida Court of Appeals Overturns Ban on Binance
The judiciary observed that when they introduced the ban on Binance in November 2023, state regulators did not follow proper procedures.
It held that under this urgent cease-and-desist order issued by the Florida Office of Financial Regulation, Binance’s operations could not be hindered within the state.
Furthermore, The Court of Appeals pointed out that The Florida Office of Financial Regulation did not see Changpeng Zhao’s behavior as sufficient grounds to revoke the license held by Binance for its branch in Florida State.
The regulatory authorities in Florida stopped all activities that belonged to Binance following former CEO Changpeng Zhao’s admission of guilt to criminal allegations.