Binance warned by Central Bank for operating illegally in Netherlands

Syed AhadWeb Editor

18th Aug, 2021. 10:35 pm

The Netherlands has imposed a ban on Binance. According to De Nederlandsche Bank (DNB), the company has failed to secure the necessary legal registration, making its services illegal in the country.

DNB said, “This means Binance is not in compliance with the Anti-Money Laundering and Anti-Terrorist Financing Act and is illegally offering services for the exchange between virtual and fiduciary currencies and it is illegally offering custodian wallets”.

The central bank may take action against Binance. As of now the bank has not yet any details. A representative of De Nederlandsche Bank said.

In reply, Binance said that it aims to receive licensing approval from DNB “in due course.”

Binance has recently been the subject of intense regulatory investigation in the U.K., Italy, Japan, Canada, Poland, Thailand, the Cayman Islands, Malta, and other countries.

Changpeng Zhao, the company’s CEO, has even stated that he would be willing to resign if someone with a good compliance background was willing to take his place.

Zhao stated that hiring more workers with regulatory skills was his “top priority.”

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