Coinbase in the Netherlands with a fine of 3.3 million euros, Exchange is considering an appeal - Exchanges
Coinbase in the Netherlands with a fine of 3.3 million euros, Exchange is considering an appeal - Exchanges
The Dutch Central Bank imposed a fine to the Coinbase crypto exchange because it had provided services in the past without the necessary registration. The trading platform, which has time to contradict the measure by March, is currently examining a legal remedy for the step.
The Dutch currency authority imposes a fine against coinbase due to operation without registration
The Nederlandsche Bank ( dnb ) on January 18, 2023, on January 18, 2023, raised an administrative penalty of € 3,325,000 (over 3.6 million US dollar). In an announcement, the punishment with the stock exchange was declared that offered crypto services in the Netherlands in a past period without registration at the central bank.
In the regulatory authority, this represents a non -compliance with the Dutch regulations, since companies that want to provide crypto -related services must register in accordance with the law to combat money laundering and terrorism financing in DNB.
The currency authority further stated that the basic amount for this category of fines is 2 million euros, and pointed out that the fine in the case of Coinbase "was increased due to the severity and the degree of guilt for non -compliance".
"When increasing the fine, DNB took into account the fact that Coinbase is one of the greatest crypto service providers worldwide. In addition, Coinbase has a considerable number of customers in the Netherlands who use its cryptodes," said the bank and found that the stock exchange did not pay supervisory fees.
The Dutch central bank also emphasized that Coinbase was operated without registration between mid -November 2020 and the end of August 2022, and emphasized that it regarded this as a serious violation.
The DNB also reduced the fine by 5 %, since Coinbase had always intended to receive registration in the Netherlands, which it did on September 22nd last year. The registration obligation for crypto service providers was introduced in May 2020.
The lack of registration meant that the global stock exchange could not report unusual transactions to the Dutch Financial Intelligence Unit during the period mentioned and that these may have remained unnoticed by the investigative authorities, the bank emphasized.
Coinbase can object to the fine by March 2, 2023. The stock exchange was quoted by Reuters with the statement that it disagreed with the decision of the DNB that "does not contain any criticism of our actual services". The crypto company is now considering an appeal.
In July 2022, De Nederlandsche Bank imposed an identical measure against Binance. The world's largest crypto exchange was also there punished the same amount in euros for offering cryptododes in the Netherlands without the required registration.
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