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The Dutch central bank has issued a warning to cryptocurrency alternate KuCoin for working with out a registration in the Netherlands, in accordance with a press release.

De Nederlandsche Monetary institution (DNB) acknowledged that MEK World Runt (MGL), which is registered in the Seychelles and trades below the title KuCoin in the Netherlands, doesn’t bear a “honest registration” with the DNB.

“This means that MGL is in violation of the Anti-Money Laundering and Terrorist Financing Act and is illegally offering alternate companies between digital currencies and fiat currencies and offering custodial wallets,” the bank acknowledged.

DNB did no longer specify what it will manufacture if KuCoin persevered to operate with out a license. Customers of KuCoin and MGL are no longer in violation of the guidelines, the central bank famed.

A KuCoin spokesperson responded that the firm is registered in the Seychelles and would no longer bear an office in the Netherlands.

“As a global alternate, KuCoin pays discontinuance consideration to the latest regulations all the plan in which by the enviornment, we recognize authorized guidelines and regulations of different jurisdictions,” the spokesperson acknowledged in an email. “Alternatively, KuCoin will not be any longer a Dutch entity and would no longer bear an office in the Netherlands.”

KuCoin, which doesn’t bear a license in the U.S., operates in over 200 countries and is even handed one of the essential splendid cryptocurrency exchanges worldwide by trading volume, partly due to its low trading prices. The alternate launched in the Netherlands in October 2019.

UPDATE (Dec. 16 13:45 UTC): Added assertion from Kucoin.

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Helene is a U.S. markets reporter at CoinDesk, overlaying the US financial system, the Fed, and bitcoin. She is a latest graduate of New York University’s alternate and financial reporting program.

Helene is a U.S. markets reporter at CoinDesk, overlaying the US financial system, the Fed, and bitcoin. She is a latest graduate of New York University’s alternate and financial reporting program.