Coindesk Logo

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.

AccessTimeIconJul 18, 2022 at 8:47 a.m. UTC
Updated Jul 18, 2022 at 2:38 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.

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 a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

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