for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

Dutch central bank says Binance not in compliance with rules

Aug 18 (Reuters) - Cryptocurrency exchange Binance was providing its services in the Netherlands without the required registration, the Dutch central bank (DNB) said on Monday, in the latest regulatory hurdle for the company.

The company was not in compliance with the Anti-Money Laundering and Anti-Terrorist Financing Act, the De Nederlandsche Bank said, adding the warning applies to Binance Holdings Ltd and its entities that provide crypto services in the country.

Binance takes compliance very seriously and is in the process of submitting an application for the required registration, a company spokesperson said in an emailed statement.

Regulators in Britain, Germany, Hong Kong and Italy have earlier voiced similar concerns and have stepped up pressure on Binance, one of the world’s largest crypto exchanges by trading volumes.

The exchange is also being probed in the United States by the Department of Justice, the Commodity Futures Trading Commission and tax authorities, according to Bloomberg News.

Binance has had to scale back parts of its business due to the regulatory concerns. Last month, the company stopped its users in Germany, Italy and the Netherlands from opening new futures or derivatives products accounts.

Reporting by Niket Nishant in Bengaluru; Editing by Sriraj Kalluvila

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up