Netherlands central bank warns Binance operates irregularly in country

Binance’s struggles escalate

The Central Bank of the Netherlands (DNB) claims that the Binance platform does not have the required license to offer its services in the territory, implying that its activities are deemed illegal in the country. Via a statement published on its website, the central bank states:

“Binance is not in compliance with anti-money laundering and terrorist financing law and illegally offers exchange services between cryptoassets and fiat currencies and illegally provides custodial wallets. “

This warning concerns Binance Holdings Ltd. as well as other Binance entities that provide cryptocurrency related services to residents of the Netherlands.

A DNB spokesperson told local newspaper De Telegraaf that the central bank was likely to take action against Binance, but did not provide further details.

If the central bank of the Netherlands does indeed take drastic measures against Binance, they would certainly be of the same caliber as the decisions of the financial services regulator of Malaysia, which literally asked Binance to deactivate its site. Web and its social networks in the country.

For its part, the Binance teams assure that they intend to obtain the authorization of the DNB “in due course”:

“We have seen a notice from the DNB regarding Binance in the Netherlands. As part of our commitment to redouble our compliance efforts, Binance is in the process of submitting an application for the required license, ”the platform spokesperson said.

In recent weeks, regulators around the world have united against Binance and put the platform in turmoil. Moreover, this is not the first time that the Netherlands has acted in this way against Binance. A few weeks ago, the platform interrupted its offer of derivative products in 3 European countries, namely the Netherlands, Italy and Germany.

In a recent interview with Changpeng Zhao, the CEO of Binance, he said that the main priority of the company today is “to hire people with experience in compliance and regulation.”

👉 On the same topic – United States: Resignation of the CEO of Binance.US, only three months after his appointment

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About the author: Clément Wardzala


Editor-in-chief of Cryptoast, I discovered Bitcoin and blockchain technology in 2017. Since then, I have endeavored to share qualitative content so that the sector is democratized among everyone.
All articles by Clément Wardzala.

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