Binance Hit by €3.3 Million Dutch Central Bank Fine

Daniel Attoe
Daniel Attoe

Updated · Jul 18, 2022

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The bank ruled on Monday that the exchange was guilty of offering crypto services within its borders without following due process.

Failed to Register

De Nederlandsche Bank NV (DNB) has fined Binance €3.3 million ($3.35 million) for offering cryptocurrency services in the country while failing to register. The fine follows a warning issued to the cryptocurrency exchange last year, the bank says.

The Dutch Bank mandates virtual asset service providers (VASPs) to register under its Money Laundering and Terrorist Financing Prevention Act. It says that the exchange, the biggest in the world, continues to enjoy an advantage over companies that have complied with the Act.

The bank issued the fine in April this year. It says the exchange has taken the option of appeal. Binance established its Netherlands subsidiary in October 2021.

Objection

Binance has objected to the fine imposed by the Dutch Bank, arguing that it had since submitted for registration in the country. 

According to a spokesperson, it marked a “pivot in our ongoing collaboration” with the DNB. 

Binance has regulatory approvals to operate in several European countries, including France, Italy, and Spain. In April, it obtained provisional approval to run a broker-dealer operation in Abu Dhabi.

Sources.

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Daniel Attoe

Daniel Attoe

Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.

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