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Binance Fined $3.4M by Dutch Central Bank
The crypto exchange was penalized for failing to register in the Netherlands.
The Dutch Central Bank has fined cryptocurrency exchange Binance 3.3 million euros ($3.4 million) for continuing to offer services to Dutch citizens without required registration, according to a release on Monday.
- De Nederlandsche Bank (DNB) requires virtual asset service providers to complete registration under the Money Laundering and Terrorist Financing Prevention Act.
- The fine was increased from 2 million euros because Binance has "a very large number" of customers in the Netherlands, the bank said.
- The exchange objected to the fine, which was imposed on April 25.
- Binance has submitted for registration, which is being assessed by the central bank.
- In May, Binance received regulatory approval to operate in France and also obtained a provisional approval to operate as a broker-dealer in Abu Dhabi in April.
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Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
