The Central Bank of the Netherlands has issued a 3.3 million euros fine to the world’s largest cryptocurrency exchange Binance.
According to a press release on Monday, De Nederlandsche Bank (DNB) penalized the exchange as it had continued serving Dutch customers without the required registration.
The DNB mandates virtual asset service providers to file for a licence under the Money Laundering and Terrorist Financing Prevention Act. The central bank stated:
Binance was dealt the most stringent fines of the central bank’s levels of enforcement, “due to the gravity and degree of culpability of the noncompliance” and emphasized the violations that took place from May 2020 to at least December 2021 to be “very serious.”
Nevertheless, Binance has already applied for registration with the Dutch central bank and it has to be noted that the exchange is fully committed to comply.
Celebrating five years of operations, Binance has been very proactive in its dealings with authorities and in 2022 received regulatory approvals and registrations in France, Spain, Dubai, Abu Dhabi, Bahrain, and Italy.
Stressing its commitment to adhere to regulations, the exchange launched a “Crypto Is Evil” ad campaign featuring “10 Fundamental Rights for Crypto Users” in December taking a leading advocating role for “global regulatory frameworks for crypto markets.”
Our first ad ever, on Financial Times. pic.twitter.com/gnwNms6psq
— CZ 🔶 Binance (@cz_binance) November 16, 2021
https://platform.twitter.com/widgets.js
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Source: Igaming
