AMSTERDAM, Dec 15 (Reuters) – The Dutch central financial institution on Thursday issued a press release saying cryptocurrency alternate KuCoin is working within the Netherlands with out being registered to take action.
KuCoin is a subsidiary of a Seychelles-registered firm known as MEK International Restricted (MGL), the financial institution mentioned in a press release.
MGL “is appearing in violation of the regulation on stopping cash laundering and financing terrorism and providing unlawful companies,” De Nederlandsche Financial institution mentioned.
KuCoin didn’t instantly reply to an emailed request for remark.
Clients of the alternate should not breaking the regulation, the DNB mentioned, “however they could have a heightened threat of turning into concerned in cash laundering and terrorism financing.”
In August 2021, the DNB issued the same warning that Binance Holdings Ltd. was working within the Netherlands with no license. That led to the corporate establishing an entity within the nation and paying a $3.3 million positive in April 2022.
Reporting by Toby Sterling;Enhancing by Elaine Hardcastle
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