News

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. 

A copy of the order can be found here. 

BISMARCK, N.D. –  The North Dakota Department of Financial Institutions and 48 state financial regulatory agencies have taken coordinated action against Block Inc. for violations of Bank Secrecy Act (BSA) and anti-money laundering (AML) laws that safeguard the financial system from illicit use. A copy of the order can be found here: 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. 

A copy of the order can be found here.  

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.

North Dakota Department of Financial Institutions joins with other state regulators issuing a Cease and Desist Order on Sigue Corp., prohibiting them from engaging in money transmission. A press release can be found here, and the order can be found here.

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. 

The North Dakota Department of Financial Institutions has signed a Consent Agreement and Order with West Realm Shires Services Inc. d/b/a FTX US. Please find the Consent Agreement and Order here.