Ohio Issues Cease and Desist Order to Crypto Exchange Coinzoom

IconCryptoNewsTerminal Staff02 Aug, 2024

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Ohio Issues Cease and Desist Order to Crypto Exchange Coinzoom

The Ohio Department of Financial Institutions (DFI) has issued a cease and desist order against cryptocurrency exchange Coinzoom. The order states that Coinzoom’s financial records failed to meet licensing requirements, resulting in the suspension of Coinzoom’s operations for Ohio users and prohibiting Coinzoom from conducting any new business in the state of Ohio. According to Bitcoin.com, the order was issued on July 26, 2023, and has been served to Coinzoom. The DFI alleges that Coinzoom violated Ohio’s Money Transmitter Act by failing to maintain adequate financial records and by failing to register with the DFI as a money transmitter. The DFI alleges Coinzoom violated Ohio’s Money Transmitter Act by failing to maintain adequate financial records and failing to register with the DFI as a money transmitter. As a result of the order, Coinzoom is prohibited from conducting any new business in Ohio and must cease all operations for Ohio users. Coinzoom has 30 days to appeal the order.

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