Dutch central bank, De Nederlandsche Bank (DNB), has issued a statement warning that the Binance cryptocurrency exchange has no legal registration. The regulator notes the exchange is offering services "illegally" and can not comply with the Anti-Money Laundering and Anti-Terrorist Financing Act without the proper registration.
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"This may increase the risk of customers becoming involved in money laundering or terrorist financing," DNB said.
DNB's warning appears after the UK Financial Conduct Authority (FCA) banned Binance's UK subsidiary from any regulated activity without prior written approval from the regulator. In the warning, the regulator noted that Binance Markets Limited is part of the Binance Group.
Later, the Cayman Islands Monetary Authority (CIMA) followed the FCA's warning and declared that the exchange and its associated companies are not registered in the jurisdiction. Shortly after, the Monetary Authority of Singapore (MAS) said it will monitor the subsidiary of local exchange Binance Asia Services Pte.
In the meantime, Binance is reportedly in talks with Richard Teng, the former Chief Regulatory Officer of the Singapore Exchange (SGX), about leading the Asian arm of the trading platform. However, Teng is not the only candidate for the role as Binance has also approached other executives about the position.
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