Saturday 01 April 2023

Dutch central bank fines crypto trader Coinbase €3.3 million

The company’s head quarters in New York. Photo:

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.

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