of Reuters Report reported that Binance had violated the Netherlands money-laundering law and had an advantage over firms that had registered with the DNB. An exchange spokesperson said the firm has opened a branch in the Netherlands. This problem has been resolved. However, DNB said that it has not approved the registration of the exchange but has reduced the penalty due to the disclosure of the firm’s own functioning.
Binance recently reported that it has received permission from regulators in some European countries, including France, Italy and Spain. The exchange last month decided to stop deposits and withdrawals in the Brazilian currency rial. Along with this, the exchange has also terminated its tie-up with the Brazilian government’s payment system Pix and local payment gateway Capitual.
In this regard, the exchange said in a blog post that the financial policies of the Central Bank of Brazil are causing problems in transactions. The exchange had said that it will provide a better solution for customers than its existing payments partner in Brazil. However, it did not specify which policies were affecting the exchange’s transactions. Brazil’s financial authorities changed the Know Your Customer (KYC) requirements, which Pix has not complied with. Binance has not decided which other local payment gateway will be used in place of Capitual in Brazil. Brazilian users have been promised no problem by Binance. Recently the Senate of Brazil passed the first bill to monitor the crypto segment. The aim of this bill is to bring this segment under the laws of the country.
(This news has not been edited by NDTV team. It has been published directly from Syndicate feed.)