Binance gets warning by the Dutch Central bank for illegally operating in Netherlands. This now seems to be a continuous theme for the company where they get warned by countries. Things do seem tough for the company and even though they are taking a regulatory approach it will be difficult to turn things around. The company has already been hiring for law positions in the company. At the same time, they are looking for a new CEO with a strong regulatory background.
Binance gets warning for illegally operating
The Central Bank in Netherlands has warned Binance. The notice sent out by the bank said that the company doesn’t have a legal registration with the authorities. This is a primary problem for the company as almost all countries have the same issue. Binance doesn’t have license for operation in most countries which is creating a lot of regulatory trouble for them. It is also the reason that why the CEO of the company said they will focus on getting licenses.
Coming to the warning issued by the Central bank in Netherlands, they claim that Binance doesn’t comply with their Anti-money laundering and Anti-terrorist Financing act. This essentially means that it will be much easier for users to launder money or go into terrorist activities through the exchange.
As of now all major countries like Japan, UK, Hong Kong, Germany and many others ave issued warnings againt the company. They have already hired Greg Monahan, the former US Treasury Criminal Investogator and global money laundering reporting officer. This shows their focus on following the laws in different countries and operate legally. At the same time, the company is also focusing on building a strong relationship with the regulators. They plan to do this by having regular meeting with them and brief on the things Binance is doing.
As Binance plans to become a financial services company, the regulatory side of the company needs to be very strong. So, taling about the future of Binance, this is what will make or break the company.
What are your thoughts on Binance getting warned in Netherlands? And do you think that the company should act fast as things are getting more intense for them evveryday? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.