• Binance has announced that it will seek registration in the Netherlands, despite a warning from the country’s central bank

  • Earlier today, the Dutch central bank (DNB) issued a warning against Binance, claiming that the crypto exchange is not registered in the country and is providing illegal services.

    A Binance spokesperson told ULTCIN365 that the company will apply for registration with the central bank when reached for comment.

    “We are aware of a DNB notice regarding Binance in the Netherlands. Binance is in the process of submitting an application for the required registration as part of our commitment to redoubling our efforts in compliance “a spokesperson stated “We will work constructively with DNB and hope to provide an update in the near future.”

    The comment appears to differ from what Binance has previously said in response to similar regulatory warnings from countries such as the United Kingdom, Japan, and Italy. Binance did not say whether it planned to register in these countries at the time. Crypto firms in the Netherlands must comply with the country’s Anti-Money Laundering and Counter-Terrorist Financing Act. If they want to operate in or from the country, they must be registered with the DNB.

    “Binance takes compliance very seriously, and while we are not yet formally registered with DNB, we have a robust compliance program that incorporates tools and procedures to combat money laundering and terrorist financing,” a spokesperson said.

    Binance has also beefed up its compliance efforts in recent months, with several high-profile appointments. Earlier today, the exchange announced the hiring of Greg Monahan, a former Internal Revenue Service official, to lead its global money laundering reporting efforts.

    Binance also recently hired former US Senator Max Baucus as a policy and government relations advisor, as well as former FATF members Rick McDonell and Josée Nadeau as compliance and regulatory advisors.

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