Tammy you have a complaint, please contact BAM Trading Services Inc. If you are an Alaska resident with questions regarding formal complaints, please email us at or call Nine Zero Seven Four Six Five Two Five Two OneĪrizona Department of Financial InstitutionsĪrizona Department of Insurance and Financial Institutions Submit formal complaint form with supporting documents:ĭivision of Banking & Securities PO Box 110807 Juneau, AK 99811-0807 1 (844) 900-1450, please submit formal complaints with the State of Alaska, Division of Banking & Securities. If your issue is unresolved by BAM Trading Services Inc. (NMLS ID # 1906829) is licensed in the following US jurisdictions: Jurisdictionīene' Transmission/Alaska Uniform Money Services ActĪlaska Department of Commerce, Community and Economic Development Division of Banking and SecuritiesĪlaska DCCED Division of Banking & Securities On the federal level, Binance.US is registered as a Money Services Business with FinCEN. (“BAM Trading”) is a digital asset exchange that is regulated at both the state and federal level.
“It’s very ugly, these kinds of cases.BAM Trading Services, Inc. “What he’s done with all these funds, and how he’s dispersed them through the world, gives him access points in a variety of different countries,” she told Fortune. government, although his wide-ranging network of entities may allow continued access to capital. For Binance, O’Brien said, that crime could be improperly routing customer funds to a trading entity and then sending those proceeds to various banks all over the world.įor now, the question remains when-and if-the DOJ decides to press charges, and whether Zhao will be included along with his exchange.Įven with Zhao possibly living in non-extradition countries, Lynch said it would be difficult for him to evade the reach of the U.S. For example, if someone goes to purchase a vehicle with cash obtained from selling narcotics, the car dealer could end up in jail. “This is the foundation for, what I think, is the criminal indictment,” she added.Īs O’Brien explained, the challenge with making money laundering charges stick is that the transfers must further an underlying crime. She said the reach of the international financial networks, as well as the multiple accounts and speed of the deposits and withdrawals, raises red flags that the DOJ will likely be looking into. With the SEC typically more focused on securities violations than money laundering, Lynch said that the agency was setting the stage through forensic accounting and monitoring the Binance accounts to which it had access. “Binance has not been accused of engaging in money laundering by the SEC.” Enter the DOJ “These types of transactions are typical of most global corporate entities and are required to ensure we are able to facilitate our products and services in a stable and compliant manner,” a spokesperson said in a statement shared with Fortune. “It seemed to be very tactical-the millions, and at times billions, that moved within a couple of months to these offshore accounts located in different parts of the world, that still have an account at these U.S.-based banks,” she told Fortune.īinance has denied any impropriety with the flows of money, as well as allegations from the SEC that it mishandled customer funds. Suzanne Lynch, an expert in money laundering and professor of economic crime at Utica College, says these are the types of red flags that investigators will be examining.
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The SEC does not include an explanation for the arcane series of transactions, nor Zhao’s control over the dozens of entities in the Binance network.
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