Challenges plague Binance since the SEC charges came to light, this time concerning its failure to secure a license in the Netherlands and a probe in France tied to alleged money laundering.
Building on Project Icebreaker, the BIS introduced a new scheme that would partner with top banks to help support the search for information on DeFi's impact on financial stability.
Coinbase has until March 2 to object to the fine, but the company has already said it believes the fine to be unjust, given how long it took the exchange to obtain Dutch registration.
The DNB alleges that KuCoin does not comply with the Anti-Money Laundering and Anti-Terrorist Financing Act; it also claims that it has been "illegally offering services for the exchange."
Binance has been slapped with a seven-figure fine after Dutch central bankers lost patience with the controversial digital currency exchange’s unwillingness to play by the rules.
The Dutch central bank has taken a U-turn on KYC and AML requirements it had imposed on digital asset providers, after the court directed it to consider the objections raised by the Bitonic exchange.
DNB has reversed its decision to tighten up the rules around withdrawals from digital currency exchanges, over concerns the measures amounted to an unnecessary invasion of customer privacy.
Bitonic, a Dutch-based digital currency exchange, is unhappy with the new KYC process that the Dutch Central Bank is demanding they implement.
The De Nederlandsche Bank is requesting that companies who provide these services register with the DNB before May 18.
Cryptocurrency firms will be obliged to register with the De Nederlandsche Bank from early 2020, and those that fail to do so will no longer be allowed to trade.
Petra Hielkema believes central banks around the world need to explore new technologies, like blockchain, to keep their security at acceptable levels.
