Division of Banking and Securities Robert H. Schmidt Division Director Program Overview The division regulates state depository and non-depository financial institutions, administers and enforces Alaska's financial services laws, and provides information for consumers, investors, entrepreneurs, and regulated industries. The division has three primary functional areas; licensing, examinations, and enforcement. Division staff answer inquiries, investigate and resolve complaints, and contribute to education and outreach activities. Best Workplaces Alaska Congratulations to the Division of Banking and Securities! The Division of Banking and Securities denied renewal of the money transmission license of BAM Trading Services, Inc., doing business as Binance.us. The Division refused to renew Binance’s license because the 80% beneficial owner of Binance, Changpeng Zhao, pled guilty in November 2023 to felony money laundering charges involving Binance. Currently, Binance has also had its license revoked, or had renewal denied, in Florida, Maine, North Carolina, North Dakota, and Oregon. The Division encourages persons with assets held by Binance to consult with a tax advisor in determining how to handle assets in Binance. DCCED Adopts Changes to Regulations related to banking modernization to implement amendments made in 2022 to HB85. The Department of Commerce, Community, and Economic Development is adopting regulation changes in Title 3, Chapters 01, 02, 03, 04, and 06 of the Alaska Administrative Code effective December 27, 2023. These changes deal with the implementation of HB85, the Banking Reform Bill, that was signed by the Governor in 2022. The regulation changes include, but are not limited to, updating requirements for a branch bank application, payment format and fees, fact finding hearings, and definitions. Please find the amended regulations on the Online Public Notices website here. DCCED Adopts Changes to Regulations dealing with money transmitter licenses and the regulation of virtual currency in Alaska. The Department of Commerce, Community, and Economic Development is adopting regulation changes in Title 3, Chapter 13, of the Alaska Administrative Code, effective January 1, 2023, dealing with licensure of the transmission virtual currency activities in Alaska. Please find the amended regulations here. Licensees with a Limited Licensing Agreement (LLA) will have it removed from their record in NMLS and the LLA will become void on January 1, 2023. COVID-19 Special Notices Please check our News and Alerts page for updates or additional guidance that may be issued related to the pandemic. Mortgage Loan Originators Regulation Updates Deferred Deposit Advance (Payday Lender) regulation changes effective December 21, 2019. Mortgage Lending regulation changes effective February 6, 2020. Disclaimer: This site is provided as a public service for general informational purposes only; it does not attempt to address specific business transactions or legal disputes. This service is not intended to be legal advice, and should not be construed as a replacement for competent legal counsel.