![]() Binance advised users to withdraw all their assets from their accounts. The exchange stated that existing Dutch users will be notified via email with detailed information regarding the impact on their accounts and current assets. Registration, which some other dozens of crypto providers in the Netherlands have, is crucial notably for combating money laundering and terrorist financing. "In general, you can impose a fine again in such a case,” a spokesperson said. ![]() ![]() DNB, citing legal considerations, refrained from disclosing whether another fine was pending or the reasons behind Binance's non-compliance. The million-euro fine imposed on Binance spanned from May 2020, when the registration requirement was introduced, until at least December 2021. The central bank pointed out that Binance had a very large number of customers in the Netherlands. Last year, Binance was already fined over 3.3 million euros by DNB because due to operating without a legally required registration with the DNB. New users from the Netherlands can no longer register on the platform, and after July 17, users will only be able to withdraw assets from their accounts. De Nederlandsche Bank (DNB) did not grant Binance a license to operate in the country. Binance, one of the world's largest cryptocurrency exchange platforms, will no longer be available for trading activities to owners of digital currencies in the Netherlands starting next month.
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