Netherlands’ central bank ‘De Nederlandsche Bank’ (DNB) has now joined the string of regulators who have issued warnings to crypto exchange Binance.
The bank has noted that the exchange has not registered with the authorities and has been operating illegally.
The warning added:
“This means Binance is not in compliance with the Anti-Money Laundering and Anti-Terrorist Financing Act (Wet ter voorkoming van witwassen en financieren van terrorisme – Wwft) and is illegally offering services for the exchange between virtual and fiduciary currencies and it is illegally offering custodian wallets.”
The authorities have issued warnings to Binance Holdings Ltd. as well as other establishments working under the umbrella of Binance. A representative from Binance spoke to The Block on the Matter. They said:
“We are aware of a notice by DNB about Binance in the Netherlands. As part of our commitment to redoubling our efforts in compliance, Binance is in the process of submitting an application for the required registration. We will be working constructively with DNB and hope to give a positive update in the near future.”
Binance has been warned by several authorities from various parts of the world on charges of operating illegally. Some of the authorities include the Financial Services Agency of Japan, the Financial Conduct Authority of the United Kingdom, the Central Bank of Singapore, and the Securities and Exchange Commission of Hong Kong (SFC).
Malaysian authorities have even taken enforcement action against the exchange for operating without a relevant license.
Meanwhile, Binance has been working to accelerate the recruitment and has hired high-profile appointments in recent months to appease the regulators. Recently, Bloomberg reported that Richard Teng, a former regulatory in-charge for Singapore’s central bank “MAS” was asked by Binance to serve as the CEO for the company’s local business.
The company also hired former U.S. Senator Max Baucus as its policy and government relations advisor.