De Nederlandsche bank issued a warning against Binance stating that the company had illegally provided a portfolio of crypto exchanges and depository receipts in the Netherlands without the necessary legal registration.
Binance is operating illegally in the Netherlands, Central Bank warns
Binance’s problems with regulators around the world continue this week when Nederlandsche Bank (DNB) issued a warning about crypto exchange on Wednesday.
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Binance provides crypto services in the Netherlands without the necessary legal registration to DNB.
“This means that Binance does not comply with the anti-money laundering and financing of Terrorism Act (Wwft) and provides decriminalised exchange services and illegal storage portfolios between virtual and reliable currencies,” the central bank continued.:
This could increase the risk of clients being involved in money laundering or financing terrorism.
The central bank said it had been alerted by Binance Holdings Limited, which owns the intellectual property rights, as well as legal entities including Binance (the”Binance operators”).Crypto-related services in the Netherlands.
Other regulators warning against cryptocurrency exchanges are in Malaysia, Japan, the UK, the Cayman Islands, Hong Kong, Thailand, Germany and Lithuania.
In response to global scrutiny from regulatory bodies, Binance Chief Executive Changpeng Zhao (CZ) this week announced that the company had made regulatory compliance a top priority and aimed to “significantly” expand its legal and compliance teams. He added that Binance had “gone from being a technological innovator to a financial services provider.”
On Wednesday, the global crypto exchange announced that the U.S. Treasury Department has hired Greg Monahan, a former criminal investigator who joined the organization as a global currency.
