Ohio Orders Crypto Exchange Coinzoom to Stop Operating in the State

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Cointime2024/08/03 07:15

By:Cointime

On August 3, according to News.bitcoin, the Ohio Department of Commerce's Division of Financial Institutions (DFI) has ordered cryptocurrency exchange Coinzoom Inc. to immediately cease operations in the state. Coinzoom holds a money transmitter license in Ohio and offers a variety of financial products, supporting over 30 cryptocurrencies. The order, effective August 1, prohibits Coinzoom from accepting new business or assets from Ohio residents. However, existing Ohio customers can still withdraw fiat or cryptocurrency assets. The suspension comes after multi-state bank examinations, where Ohio regulators were unable to verify Coinzoom's financial condition due to incomplete or inaccurate financial records. The suspension will continue until the DFI or a court modifies or cancels the order, and Coinzoom has requested an administrative hearing.

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