Binance Fined in the Netherlands for Operating Without a License

According to a press notice issued by the Dutch central bank this week, Binance is suspected of illegal practices and has been imposed a huge fine, report has it on July 22nd. The government agency said the measure is aimed at preventing the proliferation of illegal activities such as money laundering.

 A statement released on July 18th mentioned that De Nederlandsche Bank (DNB) reported the imposition of a fine on cryptocurrency exchange Binance. On April 25th, the fine against Binance amounted to 3.325 million Euros for illegally operating a trading service.

 Authorities in the Netherlands said Binance had previously received a warning notice for conducting business without authorization. In addition, DNB’s action will be protected by the law on the Prevention of Money Laundering and Terrorist Financing. Although Binance claimed to be willing to comply with all the authorities’ requirements, it did not in fact comply. Operating without a license has caused Binance to suffer major setbacks in several countries.

 Miles Guo has revealed that Binance was a unlicensed operator in the past few years. The only license that Binance Changpeng Zhao obtained in Dubai was a temporary exchange test license, and before that Binance operated illegally without a license. In reality, Binance is a tool used by the Chinese Communist Party’s top cadre and their western partners to launder money, commit crimes, and collect user information.