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The KuCoin exchange has been warned by the Netherlands for working with no a licence

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The Dutch central financial institution has issued a warning to cryptocurrency exchange KuCoin for working with no registration in the nation.

The KuCoin exchange has been warned by the Netherlands for working with no a licence

According to a statement, the Dutch central financial institution mentioned that the organization MEK Global Limited (MGL), which is registered in the Seychelles and trades underneath the title KuCoin, has not registered its operations with DNB.

financial institution mentioned:

“This means that KuCoin is in violation of the Anti-Money Laundering and Terrorist Financing Act and is illegally providing cryptocurrency exchange services, fiat money and custody wallets.”

DNB did not say what it would do if KuCoin continued to operate unlicensed in the Netherlands. However, please note that KuCoin and MGL shoppers are innocent and have not broken the law.

KuCoin is a single of the greatest cryptocurrency exchanges in the globe, at the moment also unlicensed in the US and working in more than 200 nations. The exchange was launched in the Netherlands in October 2019. KuCoin is at the moment verifying the reserve asset with the Mazars handle unit, responding to motion Test of showers immediately after FTX crash.

Before DNB has issued a very similar warning to Binance in August 2021, following the announcement sizzling fines trade $three.three million in July 2022 for continuing to supply providers.

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