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Binance Fined $3.4M by Dutch Central Bank

Binance Fined $3.4M by Dutch Central Bank

Binance Fined $3.4M by Dutch Central Bank

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

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

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

By Oliver Knight
AccessTimeIconJul 18, 2022, 8:47 AM
Updated May 11, 2023, 4:22 PM

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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.

STORY CONTINUES BELOW

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  • 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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The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

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

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Oliver Knight
Oliver Knight

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

Follow @OKnightCrypto on Twitter

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

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