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Binance Fined $3.4M by Dutch Central Bank
The crypto exchange was penalized for failing to register in the Netherlands.
Updated May 11, 2023, 4:22 p.m. Published Jul 18, 2022, 8:47 a.m.
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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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