Binance Fined $3.4M by Dutch Central Bank

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.