Due to the U.S. cryptocurrency exchange Coinbase (COIN.Ofailure )’s to get the proper registration in the Netherlands before to providing services, the Dutch central bank (DNB) fined Coinbase 3.3 million euros ($3.6 million).
The exquisite mirrors given to Binance, a competitor of Coinbase, in July.
The DNB’s decision, according to Coinbase, “contained no criticism of our actual services,” and the company stated it disagreed with it and was considering an appeal.
Since May 2020, cryptocurrency businesses doing business in the Netherlands have been required by the nation’s anti-money laundering regulations to register as money transmitters.
The DNB claimed that before successfully registering on September 22, 2022, Coinbase was out of compliance from November 2020 until “at least” August 2022.
It stated that “a significant number of anomalous transactions may have escaped the attention of the investigating agencies” during that time.
According to the DNB, it was taken into account since Coinbase was one of the biggest cryptocurrency businesses and had a “substantial number of consumers in the Netherlands.”
To file an appeal, Coinbase has until March 2.
($1 = 0.9156 euros)