Binance Fined $3.4M by Dutch Central Bank

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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Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

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