Netherlands Joins the List of Global Regulators Warning Against Binance


Binance’s regulatory troubles continue with the Netherlands being the latest country to issue a warning about the cryptocurrency exchange.

August 18, 2021, | AtoZ MarketsDe Nederlandsche Bank (DNB) announced Wednesday that it has issued a warning to Binance about its unlicensed investment services provided in the Netherlands.

According to the regulator, 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.

Netherlands’ DNB warns Binance

The central bank explained that 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.

DNB’s warning is similar to other regulators’ notices and actions against Binance in recent times. It all started when the UK’s Financial Conduct Authority (FCA) banned Binance Markets Limited (BML) — Binance’s UK entity — saying that the firm is not authorized to operate in the country.

The notice also said that no other entity in the Binance Group was authorized to operate in the UK but since Binance’s main exchange isn’t based in the UK, it likely falls outside of the cryptoasset regime.

However, the FCA’s warning appears to have already impacted Binance’s business. The exchange is losing fiat onramps as several British banks, including Santander UK and Barclays, and NatWest have moved to block user payments to Binance.com.

Besides in the Netherlands and the UK, regulators of other countries, including Malaysia, Italy, Lithuania, Poland, and the Cayman Islands, have all either issued warnings or taken action against the exchange recently.

What do you think about all these regulators coming after Binance? Let us know in the comments section below.

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