Dutch central bank fines crypto trader Coinbase €3.3 million
The Dutch central bank has fined crypto currency trader Coinbase €3.3 million for operating in the Netherlands without being registered.
Companies wishing to provide crypto services in the Netherlands are required to register with the central bank under anti-money laundering legislation.
The fine was higher than the €2 million standard because of the severity of the rule-breaking, the central bank said. In addition, the bank took into account the fact that Coinbase is one of the largest crypto service providers in the world and has a ‘significant number’ of customers in the Netherlands.
Registration became compulsory in May 2020 but Coinbase only finally completed its registration last September.
Coinbase said in a reaction that it disagreed with the fine and is looking into taking further action.
Last April, the Dutch central bank also fined Binance €3.3 million for the same offence. Some two million people in the Netherlands are thought to invest in crypto currencies.
Thank you for donating to DutchNews.nl.
We could not provide the Dutch News service, and keep it free of charge, without the generous support of our readers. Your donations allow us to report on issues you tell us matter, and provide you with a summary of the most important Dutch news each day.Make a donation