Sunday, December 10, 2023

Binance subjected to a fine of 3.3 Million Euros by the Dutch Central Bank.

Earlier this month, the Dutch Central Bank fined Binance, one of the world’s largest crypto exchange platforms, to a tune of 3.3 million euros. Binance was fined for offering its services in the Netherlands without registration in the said country.

The Dutch Central Bank issued a warning to Binance in August 2021. Following this, the fine was issued against Binance Holdings Ltd. in April 2022. Binance had indicated that they would appeal the said decision.

DNB’s stance

According to the Dutch Central Bank, Binance was in a clear violation of the anti-laundering laws of the area and took advantage of firms that were in fact registered with the DNB. As per DNB, Binance had been in violation for a significant period, between May 2020 and December 2021.

Binance’s Stance

A spokesperson for Binance, via email communication, revealed that the fine was nothing but a pivot in its ongoing collaboration with the Dutch Central Bank. The company had already set up a local branch, named Binance Nederland BV, since the issuance of the fine. Binance looks forward to putting this episode behind them and is trying to establish a more traditional operating model in the Netherlands. As per Binance, the company had already received regulatory approvals from some European countries, namely Spain, France, and Italy.

The DNB revealed that the fine was reduced by 5% from what it had originally intended due to the relatively transparent operations of Binance. However, regulatory approval from DNB has still not been issued for Binance.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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