Binance Exits the Netherlands
Binance has announced its withdrawal from the Netherlands market due to regulatory hurdles.
New users from the Netherlands will no longer be allowed to join the platform, while existing residents will only have the option to withdraw their assets starting from July 17. Binance’s decision came after failing to obtain a virtual asset service provider (VASP) license, which certifies compliance with anti-money laundering (AML) regulations.
The exchange had previously been fined €3,325,000 by the Dutch National Bank (DNB) in April 2022 for offering crypto services without the necessary registration.
In a separate development, the Paris public prosecutor’s office has confirmed an ongoing investigation related to Binance’s illegal activities involving digital asset service providers (PSAN) and aggravated money laundering.
The investigation encompasses offenses such as illegal exercise of functions, participation in investment operations, concealment, and conversion. It might focus on the platform’s alleged failure to meet its obligations regarding KYC (Know Your Customer) procedures, which are designed to prevent money laundering.
Authorities are now conducting a detailed examination of the documents and computer equipment seized during the search as part of the investigation process.
The exchange had previously been fined €3,325,000 by the Dutch National Bank (DNB) in April 2022 for offering crypto services without the necessary registration.
In a separate development, the Paris public prosecutor’s office has confirmed an ongoing investigation related to Binance’s illegal activities involving digital asset service providers (PSAN) and aggravated money laundering.
The investigation encompasses offenses such as illegal exercise of functions, participation in investment operations, concealment, and conversion. It might focus on the platform’s alleged failure to meet its obligations regarding KYC (Know Your Customer) procedures, which are designed to prevent money laundering.
Authorities are now conducting a detailed examination of the documents and computer equipment seized during the search as part of the investigation process.
