TheStreet published this video item, entitled “Why a Dutch Regulator Is Fining Binance” – below is their description.
The Dutch Central Bank fined Binance roughly three million euros, translating to about $3.4 million U.S. dollars. The bank said that Binance offered crypto services within the Netherlands without registration last year.
Binance is a cryptocurrency exchange which is currently the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software.
The company has launched various cryptocurrencies: Binance Coin (BNB), launched June 2017, and Binance Smart Chain (BSC), launched September 2020. Binance Smart Chain operates using “Proof of Staked Authority”, a combination of proof of stake and proof of authority.
Binance is currently under investigation by both the United States Department of Justice and Internal Revenue Service on allegations of money laundering and tax offenses. The UK’s Financial Conduct Authority ordered Binance to stop all regulated activity in the United Kingdom in June 2021.
The Netherlands, informally Holland, is a country primarily located in Western Europe and partly in the Caribbean, forming the largest constituent country of the Kingdom of the Netherlands. In Europe, it consists of 12 provinces that border Germany to the east, Belgium to the south, and the North Sea to the northwest, with maritime borders in the North Sea with those countries and the United Kingdom. In the Caribbean, it consists of three special municipalities: the islands of Bonaire, Sint Eustatius and Saba. The country’s official language is Dutch, with West Frisian as a secondary official language in the province of Friesland, and English and Papiamentu as secondary official languages in the Caribbean Netherlands. Dutch Low Saxon and Limburgish are recognised regional languages (spoken in the east and southeast respectively), while Sinte Romani and Yiddish are recognised non-territorial languages.
