De Nederlandsche Bank (DNB), the apex bank in the European nation of the Netherlands have joined its counterparts in the European Union to issue a warning against the illegal operations of Binance, the world’s largest cryptocurrency exchange. According to a Press Release shared by the DNB today, Binance is not legally registered with it, and as such it does not comply with the laid down Anti-Money Laundering and Anti-Terrorist Financing Act.
According to the central bank, the operations of Binance in offering the trading of digital currencies against fiat, as well as its custodial services are illegal. The bank also warned that the active operations of the cryptocurrency exchange can predispose its citizens to terrorist financing and money laundering.
The move from the DNB compliments the compounded regulatory pushdown from various regulators around the world. Authorities in Japan, Italy, Canada, the United Kingdom, Germany and Malaysia amongst others have taken a harsh stance in warning their citizens of the consequences of doing business with Binance. The ongoing regulatory challenges of the trading platform is notably pushing it wind down some of its offerings or services, as it has continued to receive a ban from key crypto hotspots around the world.
The DNB’s notice was notably targeted at Binance Holdings Limited, as well as the other known entities through which Binance offers its services in the Netherlands.
Binance Growth Still Unwavering
According to media comments from Binance’s Chief Executive Officer, Changpeng Zhao, the hurdles been faced is stirred by the company’s efforts to switch gears from being a financial innovator, to becoming a fintech. Fintechs all operates under strict regulatory compliance, all of which Binance seems to be faltering at at this time.
Irrespective of the challenges it has had this year with its newly appointed head of Binance.US, a former OCC boss, Brain Brooks resigning from the firm, Binance has continued to grow its business on all fronts. Recently, the trading platform inked the services of Greg Monahan, a former US government criminal investigator who worked with the Internal Revenue Service (IRS) to lead the global money-laundering reporting efforts for the crypto exchange.
While the company is looking forward to maintaining its dominance and evolution in the cryptocurrency ecosystem, it also has the agenda of getting itself back on track with regulators
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