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The Dutch Central Bank fined Binance for €3.3 million

The Dutch Central Bank fined Binance for €3.3 million

The exchange is accused of illegally providing cryptocurrency services in the country without undergoing mandatory registration with the Central Bank.

According to the regulator, companies offering products and services related to digital assets are required to register with the Central Bank of the Netherlands, according to the law on the prevention of money laundering and terrorist financing (Wwft). The central bank notes that it had already issued a public warning in August 2021 against the Binance Web platform.

The decision on the fine was issued at the end of April this year, but only now is it publicized. The report also says that in early June, Binance appealed the imposition of the fine but applied for registration for consideration by the Dutch Central Bank. The amount of the fine is €3.325 million.

The basic penalty rate is €2 million, but Binance has been imposed a higher penalty. In determining the amount, the Central Bank took into account that Binance is a large provider of cryptocurrency products with a daily trading volume of $13.7 billion and that Binance has a very large number of customers in the Netherlands. In addition, the exchange does not pay any fees to the bank and does not incur the costs associated with ongoing oversight by the DNB.

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