The Dutch central bank (DNB) said on Monday that it had fined Binance, one of the world’s largest cryptocurrency exchanges, €3.3 million for offering services in the Netherlands without being registered in the country.
The fine was issued against Binance Holdings in April of this year, following a public warning issued against Binance last August, the DNB said.
DNB said the exchange violated Dutch money laundering laws and enjoyed a competitive advantage against companies that are registered during the period it was in default – between at least May 2020 and December 1, 2021.
A Binance spokesperson said the company works in “ongoing collaboration” with DNB and has created a local branch, Binance Nederland BV.
DNB said it has not yet approved Binance’s registration, but has reduced the originally intended fine by 5% because the company “has been relatively transparent about its operations throughout the process.”
Binance said it has received regulatory approvals in European countries, including France, Italy and Spain.
Source: CNN Brasil
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