Ohio stops operations of cryptocurrency exchange Coinzoom in the state

ChainCatcher news, according to News.bitcoin, the Ohio Department of Financial Institutions (DFI) recently announced that it has ordered the cryptocurrency exchange Coinzoom Inc. to immediately cease operations in the state. Coinzoom holds a money transmission license in Ohio and offers a variety of financial products, supporting over 30 cryptocurrencies.

The directive took effect on August 1, prohibiting Coinzoom from accepting new business or assets from Ohio residents. However, existing customers in Ohio can still withdraw fiat or cryptocurrency assets. This suspension follows multi-state bank examinations, during which Ohio regulators were unable to verify Coinzoom's financial status due to incomplete or inaccurate financial records. The suspension will remain in effect until the DFI or a court modifies or lifts the order, and Coinzoom has requested an administrative hearing.