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'Binance Can't/Won't Comply With Rules' in Netherlands: XPRL-Based XUMM Wallet Developer

Fri, 06/16/2023 - 16:20
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Yuri Molchan
XUMM wallet developer suggests real reason why Binance is withdrawing from Netherlands
'Binance Can't/Won't Comply With Rules' in Netherlands: XPRL-Based XUMM Wallet Developer
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Developer of XRPL-based XUMM wallet Wietse Wind has commented on the Binance exchange's loud announcement to withdraw from the Netherlands market after it left Cyprus earlier this week.

Wind stated that registering with regulators is the only way to offer cryptocurrency services in the Netherlands. It is perfectly possible, he stated, as even XRPL Labs that created the XUMM wallet was able to do it.

He cited the Binance blog post (and attached a screenshot to the tweet), saying that the exchange has tried to explore many alternative avenues for servicing local customers in compliance with the regulators but stated that "exploring alternative avenues" means "finding ways around playing by the rules," in his view.

Therefore, Wind can only interpret this as Binance saying "we can't/won't comply with the rules."

Overall, according to the postscript in the next tweet in this short thread, Wind does not like to see Binance withdrawing from the Dutch market. He would prefer them to stay and play by the rules, like everyone else. He concluded that Binance refuses to pay for the regulatory and compliance costs in the Netherlands, so they would rather leave.

Binance Responds to France Crackdown News, Says It Upholds High Compliance Standards

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Earlier today, it was reported that Binance is currently under investigation by the Paris public prosecutor's office related to "acts of illegal exercise" and money laundering.

Chinese crypto reporter Colin Wu shared CoinDesk's article about Binance being investigated in Paris. The official Twitter account of the exchange responded to clarify the situation. According to the post, in France, visits of regulators' representatives are normal and are part of the compliance agreement.

According to the tweet, an onsite visit to Binance was paid for by regulators as early as last week. The tweet insists that Binance was "fully cooperative" and met its obligations accordingly.

The exchange works closely with regulators and invests a "significant amount of time and resources into cooperating with law enforcement globally."

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at