Binance is an exchange of cryptocurrencies that offers a platform to trade different cryptocurrencies. Established in 2017 and resides in the Cayman Islands. Binance is presently the world’s biggest daily trading volume exchange.
The Netherlands Central Bank (DNB) warned Binance earlier today that crypto exchange, not yet regulated in the nation and are unlawful. Binance representative said that the firm would seek a central bank registration.
The statement seems different from that previously said by Binance. On comparable regulatory warnings from nations such as the United Kingdom, Japan, and Italy.
Binance did not indicate at that time that about its plan to get registered in such nations. Crypto companies in the Netherlands must comply with the anti-money laundering and anti-terrorism financing act of the country. If you want to operate in or from the nation, you must register with the DNB.
High Profile Hiring
In recent months Binance has also increased its compliance efforts with numerous high-profile hires. The exchange said earlier today that Greg Monahan, a former U.S. official in the Internal Revenue Service, would head its worldwide money laundering reporting activities.
“We are aware of a notice by DNB about Binance in the Netherlands. As part of our commitment to redoubling our efforts in compliance, Binance is in the process of submitting an application for the required registration,” the spokesperson said.
Binance has also appointed Max Baucus, the former U.S. Senator, policy and government relations adviser, and Rick McDonell and Josee Nadeau, former FATF members.
Binance CEO Changpeng Zhao (C.Z.) this week said that regulatory compliance is the top priority of the business and seeks “significantly” additions to its legal and compliance teams in response to global regulatory scrutiny.