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The central bank of the Netherlands (DNB) issued a warning against Binance

Earlier today, the central bank of the Netherlands (DNB) issued a warning against Binance, saying that the crypto exchange is not registered in the country and is illegally offering services.

When reached for comment, a Binance spokesperson told The Block that the company will apply for registration with the central bank.

“We are aware of a notice by DNB about Binance in the Netherlands. As part of our commitment to redoubling our efforts in compliance, Binance is in the process of submitting an application for the required registration,” the spokesperson said. “We will be working constructively with DNB and hope to give a positive update in the near future.”

The comment appears to be different from what Binance has previously said about similar regulatory warnings from countries including the U.K., Japan, and Italy. At the time, Binance did not say it plans to get registered in these countries. In the Netherlands, crypto firms have to be in compliance with the country’s Anti-Money Laundering and Anti-Terrorist Financing Act. They must be registered with the DNB if they wish to operate in or from the country.

“Binance takes compliance very seriously and although we are not formally registered with DNB yet, we have a robust compliance program that incorporates tools and procedures to combat money laundering and terrorist financing,” said the spokesperson.

Binance has also beefed up its compliance efforts with several high-profile appointments in recent months. Earlier today, the exchange announced the hiring of Greg Monahan, a former U.S. government official at the Internal Revenue Service, to lead its global money laundering reporting efforts.

Binance recently also named former U.S. Senator Max Baucus as policy and government relations advisor and former FATF members Rick McDonell and Josée Nadeau as compliance and regulatory advisors.

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