Binance fined EUR 3.3 mln by Dutch Central Bank

Tuesday 19 July 2022 14:28 CET | News

The Dutch Central Bank (DNB) has sanctioned Binance with a 3.3 million EUR fine for providing unauthorised services to Dutch citizens.

The crypto exchange did not have proper registration but still continued to provide services. The Central Bank stated that the crypto exchange had violated the rules which specified that the exchange needed to have a registration that would facilitate the exchange to offer services in Netherlands.

Additionally, the exchange has served a high number of users in Netherlands which made the Dutch Central Bank levy additional fees on the exchange.

The regulatory body had stated that these violations that the crypto exchange carried out was punishable by a third category fine which meant that the base administrative fine amounted to EUR 2 million.

The fine imposed on the exchange has however been hiked as the DNB cited different reasons for doing so. The primary reason according to the DNB was that the crypto exchange happens to be the largest provider of services which is why it caters to a large number of customers across the country.

In addition, Binance enjoyed a competitive advantage because it did not pay any levies to DNB and did not incur any other costs related to ongoing supervision by DNB.

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Keywords: regulation, compliance, cryptocurrency exchange, digital assets
Categories: DeFi & Crypto & Web3
Companies: Binance, De Nederlandsche Bank
Countries: Netherlands
This article is part of category

DeFi & Crypto & Web3



De Nederlandsche Bank

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