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Highlights of Wiki Finance EXPO Asia 2022

Dutch central bank warns that KuCoin is operating unregistered

WikiFX

| 2022-12-18

Abstract：According to the report, the Dutch central bank (De Nederlandsche Bank) stated on Thursday that the cryptocurrency exchange KuCoin was operating in the Netherlands without a license.

The Dutch central bank (De Nederlandsche Bank) stated on Thursday that the cryptocurrency exchange KuCoin was operating in the Netherlands without a license.

De Nederlandsche Bank (DNB) warned Binance Holdings Ltd. that it was operating without registration in August 2021, which caused that company to set up a branch in the country and pay a $3.3 million fine.

About KuCoin

(KuCoin)

KuCoin is a subsidiary of a Seychelles-based company called MEK Global Limited (MGL). According to the statement released by DNB, MGL “is acting in violation of the law on preventing money laundering and financing terrorism and offering illegal services.” The DNB added that the clients of KuCoin don't get involved in this issue, however, “they (customers) may have a heightened risk of becoming involved in money laundering and terrorism financing. ” DNB suspects that MGL is offering services for the exchange between virtual and fiduciary.

(DNB)

If you check this exchange on WikiBit, you will find out that this exchange has been given a decent score of 6.74/10. However, we find out that the license it holds has exceeded. Please be aware of the potential risks.

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Disclaimer:

The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

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