The company was not in compliance with the Anti-Money Laundering and Anti-Terrorist Financing Act, the De Nederlandsche Bank said, adding the warning applies to Binance Holdings Ltd and its entities that provide crypto services in the country.

Binance takes compliance very seriously and is in the process of submitting an application for the required registration, a company spokesperson said in an emailed statement.

Regulators in Britain, Germany, Hong Kong and Italy have earlier voiced similar concerns and have stepped up pressure on Binance, one of the world’s largest crypto exchanges by trading volumes.