The Dutch central bank has imposed a €3.3 million charge on cryptocurrency exchange Binance.
The Dutch central bank has fined Binance €3.3 million ($3.4 million) for selling crypto services without the appropriate registration.
Under the Money Laundering and Terrorist Financing Prevention Act, organisations that want to provide cryptocurrency services in the Netherlands must register with the central bank. It is said that they were implemented in May of 2020 since the secrecy of crypto transactions makes it more difficult for thieves to track their operations.
The bank, also known as DNB, stated in the statement, “Binance has a huge number of clients in the Netherlands.” “Additionally, Binance has enjoyed a competitive advantage since it has not paid any fees to DNB and has not incurred any additional expenses related to DNB’s continuous oversight.”
The central bank issued a public warning on Binance’s activities in the country in August, stating that it views these breaches as “extremely severe.” However, it did state that the authorities have received an application for registration from the cryptocurrency exchange, which it is presently evaluating.
A Binance official stated that the company is now filing for registration as a cryptocurrency service provider via Binance Nederland BV, a locally incorporated corporation.
“Today’s decision signals a long-awaited turnaround in our continuing partnership with the Dutch central bank,” a Binance representative stated in response to a request for comment.
This fresh punishment contrasts with the previous operating permits Binance has obtained in other European nations. A Binance spokesman remarked that its Spanish company was granted permission to operate in the country earlier this month. This followed similar decisions by French and Italian authorities.
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