Dutch central bank has recently imposed a €3.3 million ($3.6 million) fine on the european branch of crypto exchange coinbase for failing to meet registration requirements before offering its services in the netherlands. coinbase, one of the largest crypto exchanges in the world, had been operating without registration between november 15, 2020 and august 24, 2022. binance, another major crypto exchange, was issued an identical fine last summer for offering its services in the netherlands without a license.
Fine was imposed by the dutch central bank, as companies looking to provide crypto services in the netherlands are required to register with the dnb under the anti-money laundering and anti-terrorist financing act. coinbase eventually obtained the correct registration on september 22, 2022, but the dnb said the firm had enjoyed a competitive advantage by not paying supervisory fees.
Was penalized for its non-compliance, with the base amount of the fine increased due to the company’s size and the number of customers it serves in the netherlands. the dnb also reduced the total amount by 5% in recognition that the company had always intended to complete registration. a coinbase spokesperson has stated that the company disagreed with the dnb’s fine, claiming that it was “based on the time it took for coinbase to obtain our registration in the netherlands and includes no criticism of our actual services.” coinbase has until march 2 to object to the fine.