TSDNS: Access is denied

So, I’m migrating to a Windows 2016 server from 2008R2 & the TSDNS service will not start. The only info I can see is when I open a command prompt & run it from there, I get “Exception: Access is denied.”

I don’t remember having this when I set the original server up, & can’t find anything in the Windows event logs. Any ideas?

I just had an idea, copied the tsdns folder from the old server to the new server & it works fine so something changed in the software.