According to a statement, cryptocurrency exchange <a href="https://www.cryptoknowmics.com/news/kucoin-employs-auditor-mazars-to-deliver-report-with-facts">KuCoin</a> has <a href="https://www.dnb.nl/algemeen-nieuws/nieuwsbericht-2022/waarschuwing-tegen-mek-global-limited-handelend-onder-de-naam-kucoin/" target="_blank" rel="nofollow noopener">received</a> a warning from the Dutch central bank (DNB) for functioning in Netherlands without registering.

https://twitter.com/DNB_NL/status/1603360786755325952?
<h2>DNB Says KuCoin Operating Illegally in Netherlands</h2>
In a statement released on December 15, the central bank claimed that MEK Global Limited, or MGL, which operates under the name KuCoin in the Netherlands, did not adhere to the laws governing AML/CFT. According to De Nederlandsche Bank (DNB), the cryptocurrency company was illegally offering services and unlawfully providing custodial <a href="https://www.cryptoknowmics.com/news/ledger-recruits-ipod-inventor-for-new-crypto-hardware-wallets">wallets</a> for customers.

The bank said that MGL customers were not in breach. However, this could enhance the danger of clients being associated with money laundering or terrorism funding.
<h2>De Nederlandsche Bank Criminal Accusations</h2>
KuCoin, which was introduced in 2017 and has its global headquarters in Seychelles, works in most nations. Due to the decline in the cryptocurrency market and the demise of <a href="https://www.cryptoknowmics.com/news/sam-bankman-fried-accused-by-us-sec-of-scamming-ftx-investors">FTX</a>, KuCoin has come under investigation from politicians and authorities. In July, the exchange's CEO, Johnny Lyu, shot down claims of insolvency, and the company now offers consumers statistics on reserves evidence.

De Nederlandsche Bank was accused of similar criminal activities in 2021 against Binance Holdings Limited for allegedly breaking AML/CFT laws. Later, <a href="https://www.cryptoknowmics.com/news/binance-ceo-changpeng-cz-zhao-warns-employees-of-difficult-times">Binance</a> settled a processing fee of more than 3 million euros for the breaches.

DNB Announces KuCoin Is Operating Illegally in Netherlands

KuCoin, a cryptocurrency exchange, has received a warning from the Dutch central bank (DNB) for functioning in the Netherlands without registering.

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DNB Announces KuCoin Is Operating Illegally in Netherlands

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