The Dutch Central Bank (DNB) said that cryptocurrency exchange KuCoin operates unlicensed in the country and warned the exchange.
Dutch Central Bank, registered in Seychelles and in the Netherlands “KuCoinoperating under the of MEK Global Limited (MGL) He said he has no “legal record” in the DNB. DNB warned KuCoin, citing this unlicensed activity. In the bank warning text, “MGL’s customers do not violate” and “However, this can increase the risk of customers being involved in money laundering or terrorist financing.” he stated.
The statement made by the bank also included the following statements:
This means that MGL violates the Anti-Money Laundering and Anti-Terrorist Financing Act (AML/CFT) and illegally offers exchange services between virtual currencies and fiat currencies.
DNB, in case KuCoin continues its operations without a license how to impose sanctions did not specify. KuCoin did not respond to the warning in question.
In 2021, DNB sanctioned Binance after it issued a similar warning for allegedly violating AML/CFT regulations. Binance later due to breaches over 3 million euros paid an “administrative fine”.