Binance came last april in trouble with De Nederlandsche Bank (DNB), because it was not registered with the institute while it does offer its services in the Netherlands. Fortunately, it seems to have learned from the multimillion-dollar fine. Customers of the platform are now being asked to verify better.
Voucher or your account will be closed
dThis is evident from the messages that users receive from the platform. Binance will give you a voucher of 10 BUSD, Binance’s dollar stablecoin, if you register in full.
“Join the millions of Binance users who have verified their account and received 10 BUSD. Unfortunately you will not be able to use Binance’s services (deposit, trade and withdraw tokens) will not be able to use if you have not completed the verification process by October 7, 2022,” the statement reads.
Ook you will receive the voucher within seven days after registration, the company reports. You then have another 14 days to redeem the voucher. But it seems that after redeeming, you get another 30 days to use the 10 BUSD. After that, the amount ‘expires’.
Your account will therefore be locked if you do not complete the registration on time. According to a second announcement, after October 7 without registration, you will no longer be able to use your account to deposit currency, and after 20 days you will no longer be able to use your Binance Card. After 60 days you can only use your account for withdrawals. You may therefore still be able to identify yourself after this, although we have no confirmation of that yet.
Conflict with the government
In any case, it is clear language. The fine of no less than 3.3 million euros did not directly relate to the registration of users themselves, but to the registration of Binance as a crypto service provider with De Nederlandsche Bank. Any company where you can trade or store cryptocurrencies must register with the central bank. In this way it can properly regulate the industry and prevent crime.
It had already started identifying customers a year ago, even after criticism from several central banks and regulators. Recently, it became clear that the lack of registration requirements allowed Iranians to continue investing in cryptocurrencies. Unfortunately, that was not allowed because of the sanctions against the country.