Netherlands fines cryptocurrency exchange Binance 3M euros

July 19, 2022 Europe Blockchain

THE HAGUE: The Dutch central bank said on Monday it had fined Binance, the world’s largest cryptocurrency exchange, more than three million euros for breaking Dutch law on registering its activities.

“On April 25, the Dutch central bank imposed an administrative fine of 3,325,000 euros ($3,376,000) on Binance Holdings Ltd,” the DNB said.

“The fine was imposed because Binance offered crypto services in the Netherlands without registering them with the DNB as is legally required,” it said.

Binance has since lodged a request to be registered and appealed against the fine, the DNB said.

Companies that offer cryptocurrency services in the Netherlands are obliged to register their activities under a law designed to prevent money laundering and financing terrorism.