Binance fine € 3.3 million by DeNederlandsche Bank (DNB) to provide unlicensed cryptographic services to national residents.
Dutch regulators said the failure to register Binance under the Money Laundering and Terrorist Financing Prevention Act was considered a “very serious” breach of national law.
According to a press statement on July 18, a fine was imposed on the exchange on April 25, 2022, after a public warning was issued to the company in August 2021.
De Nederlandsche Bank said the fines are high because Binance has a “very large customer base” in the country and its transaction volume was about $ 14 billion.
However, due to the exchange’s recent compliance efforts in the country, regulators say they will reduce fines by 5%.
Meanwhile, the statement pointed out that Binance is against fines, but there is no further information on what that means.
Binance’s fines in the Netherlands are not the company’s first brush with regulatory agencies around the world. Several reports condemn the exchange of crude compliance standards in their operations.
However, Binance CEO Changpeng Zhao states that most of these reports are unfounded.
Binance is also stepping up its regulatory compliance efforts in several countries.The exchange was recent Accept French Digital Asset Service Provider (DASP) license.
Got it too Provisional approval Become a broker-dealer in Abu Dhabi while obtaining a license in Italy and Spain.
