Apparently, the days of regulatory woes for Binance are not over, although there was a little pause, the Dutch central bank has come out to say that the exchange is working without a registered license in the country.
According to the Dutch central bank, De Nederlandsche Bank (DNB), Binance is operating in the Netherlands without the necessary authorization.
Binance is providing crypto services in the Netherlands without the necessary legal registration, according to a warning given by the bank today.
According to the statement, the cryptocurrency exchange is in violation of Dutch anti-money laundering and anti-terrorism financing legislation.
The bank stated, “This may enhance the danger of consumers becoming implicated in money laundering or terrorism funding.”
This isn’t the first time Binance has been cautioned or sanctioned for operating without a license by a central bank or financial services authority.
Despite being put on an Investor Alert List in July 2020, Malaysian regulators have started enforcement action against the crypto exchange, alleging that it was operating illegally in the country.
Binance does not yet have a license in Singapore, according to a representative for the Monetary Authority of Singapore, but it is in the process of asking for one, adding to the uncertainty.
A “substantial number” of businesses, including Binance, have had their applications rejected, according to the same representative.
Regulators in the United Kingdom, Italy, the Cayman Islands, Malaysia, and Japan have all taken similar actions against the cryptocurrency industry’s top exchange.
