The Central Bank of the Netherlands Issues Warning against Binance

Fazzaco learned that De Nederlandsche Bank (DNB), the central bank of the Netherlands, has issued a warning against global cryptocurrency exchange Binance as it provides crypto services in the Netherlands without the required legal registration.

The warning applies to Binance Holdings Limited as the owner of intellectual property rights, as well as the entities (“Binance Operators”) under which Binance provides crypto services in the Netherlands.

Wanna be the Next Cover Person of Fazzaco Magazine?

According to the regulator, Binance is not in compliance with the Anti-Money Laundering and Anti-Terrorist Financing Act and is illegally offering services for the exchange between virtual and fiduciary currencies and it is illegally offering custodian wallets.

This may increase the risk of customers becoming involved in money laundering or terrorist financing.

As Fazzaco reported yesterday, Binance has appointed the former US Treasury Criminal Investigator Greg Monahan​ as its Global Money Laundering Reporting Officer(GMLRO).