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Binance was fined $3 million for unlawful activities in the Netherlands

1658228004 19 Jul / 10:53

According to the Dutch central bank, Binance has a "quite big number of consumers in the Netherlands."

Binance, the world's largest cryptocurrency exchange, faces a fine in the Netherlands for failing to secure regulatory clearance to operate in the nation.

Binance Holdings was fined 3,3 million euros ($3.35 million) by the Dutch central bank (DNB) for delivering local crypto services without being registered with the regulator. The Dutch central bank said on Monday that the administrative penalty was enforced in April 2022.

Following the Money Laundering and Terrorist Financing Prevention Act, the DNB emphasized that any firm selling crypto services in the Netherlands must register with the central bank. Additionally, the regulator noted that the DNB had issued a public warning to Binance on August 18, 2021.

According to the news, the DNB increased Binance’s fine owing to the platform’s high trading volume. The regulator stated that Binance has a “particularly substantial number of consumers in the Netherlands” and that its daily trading volume was “$13.7 billion.”

The DNB noted that the higher penalty was also a result of Binance’s persistent breach of its terms. According to the bank, the infractions happened between May 2020, when the DNB established the registration requirement, and December 2021, when the bank concluded its inquiry. The regulator stated, “DNB considers these infractions quite severe.”

The central bank also said that Binance had submitted a registration application, and the registration procedure is now being handled. In light of the exchange’s efforts to comply with the law and its open business practices, the DNB decreased the overall amount of the punishment by 5 percent, according to the release.

A spokesman for Binance informed Cointelegraph that the firm completed a significant milestone by establishing Binance Nederland BV to fulfill Dutch legal standards. The occasion symbolizes a long-awaited turning point in our ongoing work with the Dutch central bank as well as the company’s expanding involvement with worldwide authorities, according to the spokesman, who added:

“While we do not share the same view on every aspect of the decision, we deeply respect the authority and professionalism of Dutch regulators to enforce regulations as they see fit. With this now behind us, we can continue pursuing a more traditional operating model in the Netherlands.”

Binance has not directly acknowledged or disputed to Cointelegraph if the fine has been paid. The notice states that Binance protested the punishment on June 2, 2022.

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