The central bank of the Netherlands has joined the ranks of regulators that have warned the cryptocurrency exchange Binance to operate in their jurisdiction without a license.
De Nederlandsche Bank (DNB) announced that Binance cryptocurrency exchange is providing services in the Netherlands without the required legal registration with DNB. This means that Binance does not comply with the Anti-Money Laundering and Terrorist Financing Act, illegally offers exchange services between virtual and fiat currencies, and also illegally offers e-wallets to store crypto assets. Binance customers run the risk of “becoming involved in money laundering or terrorist financing.”
The central bank of the Netherlands clarified that its notification was sent to the parent company Binance Holdings Limited, as well as organizations “within which Binance provides cryptocurrency services in the Netherlands.”
Binance CEO Changpeng Zhao said the exchange is committed to becoming a secure financial institution. He is attentive to the requirements of the regulatory authorities and most of his working time is focused on ensuring compliance with the exchange’s operations and local laws. The Binance team said in the comments to the warning that they have already filed documents with DNB to obtain a license and launch their services.
Over the past few months, regulators in many countries have said that Binance Holdings Limited is not authorized to provide certain services to its residents. The authorities in Italy, Malaysia, Poland, Germany, the United Kingdom, the Cayman Islands, Thailand, Canada, Japan and Singapore have issued statements warning investors to exercise caution with Binance or claiming that the exchange is operating illegally.
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