Wietse Wind, the creator of the XUMM wallet for the XRPL cryptocurrency, has remarked on the Binance exchange’s loud statement that it is leaving the Dutch market after leaving Cyprus earlier this week.
According to Wind, the only method to provide bitcoin services in the Netherlands is to register with regulators. He claimed that it is entirely feasible because even XRPL Labs, the company that made the XUMM wallet, was able to pull it off.
The exchange has attempted to explore many alternative avenues for serving local customers in compliance with the regulators, according to the Binance blog post, which he cited (and attached a screenshot to the tweet). However, he claimed that “exploring alternative avenues” means “finding ways around playing by the rules,” in his opinion.
Wind can only conclude from this that Binance is indicating that “we can’t/won’t comply with the rules.”
Overall, Wind does not like to see Binance leave the Dutch market, according to the postscript in the next tweet in this brief conversation. He would rather they stayed and followed the rules just like the rest of the group. He came to the conclusion that Binance would rather leave the Netherlands than foot the regulatory and compliance expenditures there.
Binance’s response to rumors of being sued in France
Today, it was revealed that the Paris public prosecutor’s office is actively looking into Binance for “acts of illegal exercise” and money laundering.
The CoinDesk news on Binance being probed in Paris was posted by Chinese cryptocurrency writer Colin Wu. The matter was clarified in a tweet from the exchange’s official Twitter account. The article claims that visits from regulators’ officials are common and included in the compliance agreement in France.
The tweet claims that regulators had paid for an on-site visit to Binance last week. According to the tweet, Binance was “fully cooperative” and upheld its duties.
The exchange collaborates closely with authorities and devotes “considerable time and resources to cooperating with law enforcement worldwide.”
