The Department of Banking News Bulletin
Bulletin # 3200 - Week Ending June 20, 2025
This Bulletin constitutes the only official notification you will receive from this office concerning any of the following applications. Any observations you may have are solicited. Any comments should be directed to Jorge L. Perez, Banking Commissioner. Written comments will be considered only if they are received within ten business days from the date of this bulletin.
BANK ACTIVITY
New Loan Production Office
On June 18, 2025, Bankwell Bank (New Canaan, CT) submitted an application under Section 36a-145(o) of the Connecticut General Statutes to open a loan production office at 1399 Franklin Avenue, Suite 301, Garden City, New York 11530. The projected date for the office opening is on or around August 1, 2025. Questions or comments regarding the application can be sent to the Financial Institutions Division at 860 240-8180.
OTHER FINANCIAL INSTITUTION ACTIVITY
Annual License Renewals, Effective July 1, 2025 to June 30, 2026
| Company | Type of License | License Brief Description |
| WorldBusiness Capital, Inc. One State Street Suite 2110 Hartford, CT 06103 |
Licensed as an international trade and investment corporation (an “ITIC”) pursuant to C.G.S. Section 36a-636e | An ITIC is a participating lender under financing guarantee programs of the Export-Import Bank, OPIC, and/or the USDA |
| Access Financial Group, Inc. 118 N. Clinton Street Suite 450 Chicago, IL 60661 |
Licensed to act as fiduciary pursuant to C.G.S. Section 36a-380 and as authorized by C.G.S. Section 42-202 | Access is licensed as a fiduciary to act as an escrow agent to hold money under pre-need funeral service contracts |
| Forethought Life Insurance Company 10 West Market Street Suite 2300 Indianapolis, IN 46204 |
Licensed to act as fiduciary pursuant to C.G.S. Section 36a-380 and as authorized by C.G.S. Section 42-202 | Forethought is licensed as a fiduciary to act as a provider of insurance for funeral service expenses |
| Planned Lifetime Assistance Network of Connecticut, Inc. (“PLAN”) 912 Silas Deane Highway Wethersfield, CT 06109 |
Licensed to act as fiduciary pursuant to C.G.S. Section 36a-380 and as authorized by C.G.S. Section 36a-386 |
PLAN manages special needs trusts established by families for the benefit of disabled family members |
| NatWest Markets plc 600 Washington Boulevard Stamford, CT 06901 |
Licensed as a representative office pursuant to C.G.S. Section 36a-428g |
NatWest is licensed as representative office to provide investment banking services on behalf of a foreign bank |
| Capital Business Lenders, Inc. 151 New Park Avenue Suite 5A Hartford, CT 06106 |
Licensed as a Business and Industrial Development Corporation (a “BIDCO”) pursuant to C.G.S. Section 36a-633(a) |
A BIDCO is a person approved or seeking approval as a lender with the federal Small Business Administration (“SBA”) |
| Better Local Capital, LLC 900 Chapel Street Floor 10 New Haven, CT 06510 |
Licensed as a Business and Industrial Development Corporation (a “BIDCO”) pursuant to C.G.S. Section 36a-633(a) |
A BIDCO is a person approved or seeking approval as a lender with the federal Small Business Administration (“SBA”) |
CONSUMER CREDIT DIVISION ACTIVITY
BAM Trading Services Inc. d/b/a Binance.US
On June 18, 2025, the Commissioner entered into a Consent Order (“Consent Order”) with BAM Trading Services Inc. d/b/a Binance.US (NMLS # 1906829) (“BAM Trading”), Miami, Florida. The Consent Order was based on a multistate examination and investigation conducted by the Consumer Credit Division. The Consent Order resolved allegations made by the Commissioner in an Order of Summary Suspension, Temporary Order to Cease and Desist, Notice of Intent to Revoke and Refuse to Renew Money Transmission License, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (collectively, “Order and Notice”) issued against BAM Trading on April 24, 2024.
The Commissioner alleged in the Order and Notice that: (1) BAM Trading failed to maintain the permissible investments required of money transmission licensees, in violation of Sections 36a 600(a)(1) and 36a-603(a) of the Connecticut General Statutes; (2) BAM Trading or its control person, parent corporation or affiliate’s multiple federal plea agreements and admissions of wrongdoing is conduct that is likely to otherwise materially prejudice the interests of Connecticut consumers, which constitutes an unsafe or unsound practice within the meaning of Section 36a 608(a) of the Connecticut General Statutes; (3) BAM Trading failed to file with the Nationwide Multistate Licensing System and Registry not later than one business day of BAM Trading or its control person, parent corporation or affiliate’s multiple federal plea agreements and admissions of wrongdoing, in violation of Section 36a-598(e)(6) of the Connecticut General Statutes; (4) Changpeng Zhao’s (“CZ”) convictions to felony charges in November 2023 while acting as a control person of BAM Trading per Section 36a-596(4) of the Connecticut General Statutes would be sufficient grounds for the Commissioner to deny an application for a money transmission license pursuant to Section 36a 600(b)(2) of the Connecticut General Statutes, and constitutes an unsafe or unsound practice within the meaning of Section 36a-608(a) of the Connecticut General Statutes; and (5) CZ’s admission to willfully violating the Bank Secrecy Act by causing BAM Trading to have an ineffective anti-money laundering program constitutes a violation of Section 36a-607(c)(4) of the Connecticut General Statutes.
The Commissioner also alleged in the Order and Notice that the totality of BAM Trading’s conduct caused the Commissioner to be unable to find that BAM Trading’s financial condition is sound, its business will be conducted honestly, fairly, equitably, carefully and efficiently within the purposes and intent of Sections 36a-595 to 36a-612, inclusive, of the Connecticut General Statutes, in a manner commanding the confidence and trust of the community, and BAM Trading’s control persons and qualified individual demonstrate financial responsibility and are in all respects properly qualified and of good character.
As part of the Consent Order, BAM Trading agreed to pay $60,000 as a civil penalty, wind down its Connecticut operations and surrender its money transmission license.
Dated: Tuesday, June 24, 2025
Jorge L. Perez
Banking Commissioner