The Dutch central bank has declared that KuCoin isn’t licensed and is ‘illegally providing services’
De Nederlandsche Bank stated that this could increase the risk of customers getting involved in money laundering and terrorist financing. News Collect this article as NFT. The central bank of the Netherlands De Nederlandsche Bank has warned investors in KuCoin that the exchange was not operating in compliance with anti-money laundering (AML) and the equivalent of fighting the financing of terrorism (CFT) regulations. De Nederlandsche Bank stated that the crypto firm was illegally offering services and offering custodian wallets to users. According to the bank, MGL customers are not in violation. This could increase the risk that customers are involved in money laundering and terrorist financing. “DNB warns against MEK Global Limited, doing business as KuCoinhttps://t.co/kgh6XVkYbI– De Nederlandsche Bank (@DNB_NL) December 15, 2022
KuCoin was launched in 2017 and is located in Seychelles. It operates in all countries in the world. KuCoin, a major cryptocurrency exchange, has been under scrutiny by regulators and lawmakers during the crypto market crash and the collapse of FTX. Johnny Lyu, CEO of KuCoin, dismissed rumors of insolvency at exchange in July. The firm also provides proof of reserves data to users. De Nederlandsche Bank made similar claims about illegal operations for Binance Holdings Limited in 2021 and the risk of violating AML/CFT regulations. The Binance company later paid an “administrative fine” of more than 3 million euros due to the violations.Cointelegraph reached out to KuCoin for comment, but did not receive a response at the time of publication.