August 20, 2021
De Nederlandsche Bank (DNB), the Dutch central bank, has announced that Binance, the world’s largest crypto exchange by volume, is providing crypto services in the Netherlands without the required legal registration with DNB.
“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,” it said.
This may increase the risk of customers becoming involved in money laundering or terrorist financing.
Binance has been facing a barrage of compliants from regulators around the world from Hong Kong to London warning the company about illegal activities and ignoring proper due diligence such as know-your-customer and counter-terrorism financing rules.