Dutch central bank fines Coinbase €3.3M

Due to the US cryptocurrency exchange Coinbase's failure to get the proper registration in the Netherlands before offering services, the Dutch central bank (DNB) fined Coinbase €3.3M ($3.6M).

The fine mirrors the one given to Binance, a competitor of Coinbase, in July.

The DNB's decision, according to Coinbase, "includes no criticism of our actual services," and the company stated it disagreed with it and was considering an appeal.

Since May 2020, cryptocurrency businesses doing business in the Netherlands have been required by the nation's anti-money laundering regulations to register as money transmitters.

The DNB claimed that before successfully registering on September 22, 2022, Coinbase was out of compliance from November 2020 until "at least" August 2022.

It stated that "a large number of unusual transactions may have gone unnoticed by the investigative authorities" during that time.

According to the DNB, it was taken into account since Coinbase was one of the biggest cryptocurrency businesses and had a "significant number of customers in the Netherlands."

By fLEXI tEAM