News
Categories: News
The North Dakota Department of Financial Institutions (NDDFI) announces that the Litchville-Marion High School Money Hounds are the 2026 North Dakota Varsity LifeSmarts Champions. The Money Hounds outperformed seven other teams by tackling real-world consumer and financial questions during the state competition on Feb. 5 at the North Dakota State Capitol.
Categories: Order
The Commissioner of the North Dakota Department of Financial Institutions, acting on behalf of the State Banking Board, has issued an Order of Denial regarding the Application for an Organization Certificate for Trust Company of the Dakotas, Minot, North Dakota.
Under North Dakota Century Code Chapter 6-05, the formation of a trust company requires Board approval based on factors including public need, business competency, and the character and integrity of proposed incorporators.
After a hearing and review of testimony, exhibits, and public comments, the Board concluded that the Applicants failed to meet the requirements for a trust charter.
Accordingly, the Application for Organization Certificate for Trust Company of the Dakotas is denied. The proposed incorporators are not authorized to transact business as a trust company in the State of North Dakota.
More information is contained in the Findings of Fact, Conclusions of Law, and Order of Denial of Application.
Categories: Order
The Commissioner of the North Dakota Department of Financial Institutions has entered into a Consent Order with BAM Trading Services, Inc. doing business as Binance.US (“Binance”). Money transmission activity includes receiving money or crypto currency to send to a location within or outside the United States on another person’s behalf. To lawfully engage in the business of money transmission, a license is required under North Dakota Century Code Chapter 13-09.1.
Under the Consent Order Binance will cease engaging in the business of money transmission in North Dakota and its license will be terminated.
Categories: Prohibition Orders
BISMARCK, N.D. – The North Dakota Department of Financial Institutions (DFI) has issued a cease and desist order against Bankers Healthcare Group LLC doing business as BHG Financial LLC (BHG) for conducting unlicensed activities in the state, engaging in deceptive practices in interactions with customers, and other activity contrary to North Dakota Century Code chapter 13-04.1. DFI also has imposed civil money penalties against the company and denied its money broker license application.
Categories: Order
BISMARCK, N.D. – The North Dakota Department of Financial Institutions (DFI) has reached a final agreement with money transmitter Sigue Corp. for failing to fulfill its obligations to customers during its collapse last year.
Categories: News
State bank supervisors have appointed North Dakota Department of Financial Institutions Commissioner Lise Kruse to serve as the state banking representative on the Financial Stability Oversight Council (FSOC), effective Jan. 1, 2025.
Categories: Prohibition Orders
The Commissioner of the Department of Financial Institutions has issued an Order suspending Allan Eichhorn, a former employee of loanDepot.com, LLC, from employment or otherwise participating in the affairs of any financial corporation, financial institution, credit union, or other entity licensed by the North Dakota Department of Financial Institutions.
Categories: Order
The Department of Financial Institutions joined other state financial regulatory agencies in taking collective action against Plutus Financial, Inc., Abra Trading, LLC, Plutus Financial Holdings, Inc., Plutus Lending, LLC (collectively known as “Abra”), and CEO and largest equity owner William “Bill” Barhydt for operating a cryptocurrency company without receiving the required state licensing.
A multistate investigation found that Abra operated a mobile application for buying, selling, trading, and investing in cryptocurrency without obtaining the required licenses. Under the settlement, Abra agreed to cease accepting virtual asset allocations from U.S. Abra Trade Account customers into their products and services and cease making, buying, selling, or trading cryptocurrencies available to U.S. Abra Trade customers as of June 15, 2023. The settlement terms require Abra to refund any remaining virtual assets on its platform for U.S. Abra Trade customers in the settling states.
Categories: News, Order
The Commissioner of the North Dakota Department of Financial Institutions has revoked the money transmitter license of BAM Trading Services, Inc. doing business as Binace.US. Money transmission activity includes receiving money or crypto currency to send to a location within or outside the United States on another person’s behalf. To lawfully engage in the business of money transmission, a license is required under North Dakota Century Code Chapter 13-09.1.
The Commissioner has found that BAM Trading Services, Inc. has failed to comply with North Dakota laws. Additionally, majority beneficial owner and control person, Changpeng Zhao, has plead guilty to felony charges for violating the U.S. anti-money laundering laws.
North Dakota joins Alaska, Florida, Maine, North Carolina, and Oregon who have taken similar actions to revoke or deny the renewal of BAM Trading Services’ Money Transmission License. A copy of the order can be found here.
Categories: Order
Olympic Financial Group, Inc. d/b/a OFG, Inc. entered into a consent order with the Department of Financial Institutions where upon Olympic agrees to involuntarily surrender its North Dakota money transmitter license to fully resolve the ongoing administrative proceeding. Please find the Consent Order here.