Coinbase was fined $3.63 million by the Dutch central bank for providing crypto services without registration

2023-01-26 16:40:22

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ChainCatcher news, the Dutch Central Bank (DNB) announced that due to Coinbase providing crypto services in the Netherlands from November 15, 2020, to August 24, 2022 (the end date of DNB's inspection), and at that time Coinbase had not completed the DNB registration process, providing crypto services was illegal. Therefore, the Dutch Central Bank imposed an administrative fine of €3.325 million (approximately $3.63 million) on Coinbase Europe Limited. Coinbase obtained registration on September 22, 2022, and DNB will reduce its fine by 5%.

It is reported that the Dutch Central Bank warns that companies wishing to provide crypto services in the Netherlands must register with DNB in accordance with Dutch anti-money laundering and anti-terrorism financing laws. (source link)

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