Binance presents itself as the first blockchain ecosystem and the first crypto-asset exchange platform in the world. Led by crypto-billionaire Changpeng Zhao, Binance claims 120 million customers and more than 1.4 million transactions per second.
Last summer, the Dutch central bank (DNB; De Nederlandsche Bank) had alerted about Binance providing crypto services in the Netherlands without the required legal registration. ” This may increase the risk of customers being involved in money laundering or terrorist financing. “
In order to offer cryptocurrency services in the Netherlands, companies are required to register with the DNB. An obligation which is therefore related to the legislation on money laundering and the financing of terrorism.
A PSAN approval for Binance in France
Binance was eventually fined 3.325 million euros. This administrative fine from the DNB was imposed on April 25. The central bank of the Netherlands has just made it public. Qualified as very serious, the charges relate to the period from May 21, 2020 to 1er December 2021 at least. Binance appealed the fine on June 2.
” Although we do not share the same view on all aspects of the decision, we deeply respect the authority and professionalism of the Dutch regulators to enforce the regulations as they see fit. “, reacted a Binance spokesperson (CNBC).
In France, Binance obtained the green light last May from the Autorité des marchés financiers (AMF) to be recognized as a digital asset service provider (PSAN). The PSAN approval concerns in all 42 companies.
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