The Central Bank of the Netherlands (DNB) has recently fined crypto exchange Binance with 3.32 million euros for reportedly operating without a license.
According to the bank:
“Companies that intend to offer cryptocurrency-related services in the Netherlands are required to register with the DNB.”
According to the press release, the regulator took into account Binance’s global trading volumes and the number of local users. The increase in the amount of the fine from 2 million euros was influenced by a long period of work with violations in the country – from May 21, 2020 at least until December 1, 2021.
The DNB has added:
“However, the DNB has eased the penalty by 5% because the exchange has applied for registration, and also because Binance was relatively transparent in terms of business operations throughout the process.”
