Binance Announces its Registration in Netherlands Despite a Warning from the Central Bank

Kavya  |  Aug 19, 2021

The Dutch central bank (DNB) issued a warning against Binance earlier today, claiming that the cryptocurrency exchange is not authorized in the Netherlands and offers unlawful services. When contacted for comment, a Binance representative announced its registration in The Netherlands.

Binance Announces Its Registration In The Netherlands

"We are aware of a DNB notification concerning Binance in the Netherlands. Binance is applying for the needed registration as part of our commitment to redoubling our compliance efforts.

The spokesman stated. We will be working constructively with DNB and expect to provide a good update soon."

The remark appears to vary from what Binance has previously said regarding comparable regulatory warnings from nations such as the United Kingdom, Japan, and Italy. Binance did not state if it intended to register in these countries at the time. 

Crypto businesses in the Netherlands must comply with the country's Anti-Money Laundering and Anti-Terrorist Financing Act. If they want to operate in or out of the nation, they must be registered with the DNB.

"Binance takes compliance extremely seriously, and while we are not yet legally registered with DNB, we have a strong compliance program that involves tools and processes to prevent money laundering and terrorist financing," added the spokesman.

Binance Employs A Former IRS Employee For A Role In Reporting Money Laundering

Greg Monahan, a veteran Internal Revenue Service (IRS) officer, was recruited by Binance to oversee its worldwide money laundering reporting operations.

Monahan is located in Washington and has worked with the IRS for over 20 years, overseeing cybercrime criminal investigations. 

According to LinkedIn, he comes to Binance from Deloitte, where he spent less than five months in a compliance capacity.

Monahan works as a worldwide money laundering reporting officer at Binance. 

"My efforts will be focused on growing Binance's international anti-money laundering (AML) and investigative programs, as well as improving the organization's partnerships with regulatory and law enforcement agencies throughout the world," Monahan stated.

Binance also recently hired former U.S. Senator Max Baucus as a policy and government relations advisor and former FATF members Rick McDonell and Josée Nadeau as compliance and regulatory advisers.

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