Binance Fined $3.4M by Dutch Central Bank

The crypto exchange was penalized for failing to register in the Netherlands.

AccessTimeIconJul 18, 2022 at 8:47 a.m. UTC
Updated May 11, 2023 at 4:22 p.m. UTC

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.