certify
Home arrow Article arrow Article Detail

Dutch Central bank says Crypto Exchange Binance is operating without a license

Profile Image

Joyashree Dey Follow

INDIA

Aug, 21 2021

Aug, 21 2021

likes | comments 0

Article Image

On 16th August, the Dutch Central Bank (DNB) said in the latest regulatory hurdle that Cryptocurrency exchange company Binance was operating its services in the Netherlands without necessary registration.

The DNB (De Nederlandsche Bank) said by a warning, “Binance is providing crypto services in the Netherlands without the required legal registration.” As per their statement, Binance is not in compliance with anti-money laundering or anti-terrorism financing regulation in the Netherlands. “This may increase the risk of customers becoming involved in money laundering or terrorist financing,” the bank further suggested.

From the Binance side, a company spokesperson said in an emailed statement that they took the compliance quite seriously and was in the process of submitting an application for the required registration.

However, two days later on 18th August, Binance, one of the world’s biggest crypto exchanges by trading volumes, said that it had appointed a former U.S Treasury criminal investigator. The new appointee Greg Monahan said in a statement, “My efforts will be focused on expanding Binance’s international anti-money laundering and investigation programs, as well as strengthening the organization’s relations with regulatory and law enforcement bodies worldwide.”

Regulators in Britain, Germany, Hong Kong and Italy had earlier voiced similar concerns and have put up pressure on Binance already. On important note, this year Binance was under investigation by the U.S Justice Department and Internal Revenue Service.

Due to the regulatory concerns, Binance has had to step back from operating parts of its business. Recently, in July the exchange company stopped its consumers from opening new futures or derivatives product accounts in Germany, Italy and Netherlands.


likes | comments 0

Profile Image

Joyashree Dey

CBW - External Analyst

INDIA

Comments
Data Centre Construction - World First artificial intelligence AI-Tech Utility Token
banner
Article
BIS to Monitor Stablecoins, Focus on CBDC Experiments

The Bank for International Settlements (BIS), known as the "bank for central banks," plans to ramp up its research of central bank digital currencies (CBDCs) through its research and development arm..;

Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.