Binance getting Warning by Central Bank of Netherlands for operating services illegally

The Central Bank of Netherland raised issues against Binance exchange amid Binance’s struggle to comply with the global crypto framework which is necessary for crypto services.

Binance Exchange again came into scrutiny light because of operating services illegally or without permission. Recently Binance hired a former IRS officer so that they can comply with the regulators’ rules and can easily fight against money laundering activities. Even the Binance team is doing their best to become an ideal crypto exchange but still it seems that problems are not going to stop for Binance.

Related: Malaysian Regulators Ordered Binance To Shut Down Their Operations

As per an announcement made by the Central Bank of Netherland, Binance exchange can’t operate their services in the Netherlands.

De Nederlandsche Bank stated that Binance exchange have no legal registration and they have failed to get legal authorisation by the regulators of Netherland to operate their crypto related services. So the services of Binance exchange are illegal in the Netherlands.

“This means 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”

Reportedly, the Central bank of the Netherlands may take action against Binance Exchange. But the details regarding the action against Binance are not available by the officials.

In response of this raised issue by DNB, Binance team claimed that they will get license approval to run their services by DNB in the due course.

It seems that Binance exchange was already informed by the Netherlands authorities about this issues and probably Binance team is are already working on to get license. 

Read also: Binance Hires Former IRS Officer To Fight Money Laundering