The Dutch central bank, known as De Nederlandsche Bank (DNB), has imposed a fine on Crypto.com for operating for more than two years without the necessary registration.
The fine, which was announced on March 13, was issued in October, but for unknown reasons, it was not made public until now.
On October 23, the DNB fined Crypto.com, also known as Foris DAX MT, 2.85 million euros ($3 million at the time) for providing cryptocurrency services without registration from May 21, 2020, to at least November 8, 2022.
This date coincides with the introduction of registration requirements by the DNB. According to the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act, all crypto service providers are required to register with the DNB.
The base amount of the fine was set at 2 million euros, but it was increased due to the seriousness of the violation and the level of responsibility of Crypto.com.
During the period of non-compliance, Crypto.com had a substantial number of customers, giving them an unfair advantage over their competitors who were complying with the registration requirements and paying associated fees and costs.
