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Netherlands tightens the grip and says “no” to Binance

Binance, one of the largest cryptocurrency exchanges in the world, has lost yet another battle against regulators. Now the company is in trouble in the Netherlands.

Netherlands tightens the grip and says “no” to Binance

Netherlands tightens the grip and says “no” to Binance (Image: Dreamstime)

De Nederlandsche Bank, the central bank of the Netherlands, issued a warning against the exchange. In a statement released on Wednesday (18), the institution warned that the platform operates illegally in the country.

The alert was issued against Binance Holdings Limited and other related companies that help or directly offer services with cryptocurrencies.

According to De Nederlandsche Bank, the exchange was not operating in compliance with the Anti-Money Laundering and Terrorist Financing Act.

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Therefore, users would be at risk of “engaging in money laundering or terrorist financing”.

According to the monetary authority, the company illegally offers unregistered cryptocurrency and custody portfolio services.

In its defense, Binance claimed that it “is in the process of filing the required registration application.” In addition, he stated that he “will work constructively” with the central bank to meet its requirements.

The problem in the Netherlands is another one in Binance’s account, which is already facing serious restrictions in several countries.

Binance Holdings Limited is currently not authorized to provide certain services in Italy, Malaysia, Poland, Germany, United Kingdom, Cayman Islands, Thailand, Canada, Japan and Singapore.

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