Dutch central bank says KuCoin operates without registration

The Dutch central bank (DNB) warned consumers that the KuCoin cryptocurrency exchange operates in the country without the required registration.

DNB warns against MEK Global Limited, doing business as KuCoinhttps://t.co/kgh6XVkYbI

— De Nederlandsche Bank (@DNB_NL) December 15, 2022

In the regulator’s statement, the exchange’s legal name was given as MEK Global Limited (MGL). The company is registered on the Seychelles.

«This [lack of legal registration in the Netherlands] means that MGL is violating the Anti-Money Laundering and Terrorism Financing Act and illegally offers exchange services for virtual and fiat currencies, and custodial wallets», the statement said.

The DNB added that MGL’s clients “do not violate the rules.” The regulator did not specify what measures it might take against the platform.

In 2021 the Dutch central bank issued a similar warning concerning Binance. The DNB subsequently fined the bitcoin exchange for €3.32 million for operating without a license.

Earlier in August 2022, the Ontario Securities Commission warned investors against dealing with KuCoin.

Earlier, the regulator accused exchange-linked structures of non-compliance with local law and prohibited the operation of the platform.

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