The Dutch central bank (DNB) has fined U.S.-based cryptocurrency exchange Coinbase €3.3 million (US$3.6 million) for failing to obtain the required registration before offering their services in the Netherlands.
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Fast facts
- The DNB said that Coinbase was not compliant with local rules from Nov. 15, 2020. The exchange successfully obtained the appropriate registration on Sept. 22, 2022.
- DNB said that “a large number of unusual transactions may have gone unnoticed by the investigative authorities” while the exchange wasn’t registered.
- Coinbase told crypto news outlet Decrypt that it disagreed with the DNB’s decision and it is considering an appeal. The exchange has until March 2 to do so.
- Crypto service providers in the Netherlands have been required to register as money transmitters under the country’s anti-money laundering rules since May 2020.
- Back in July, the DNB also fined the world’s largest exchange, Binance €3.3 million euros (US$3.6 million) for offering cryptocurrency-related services without the appropriate registration.
- Coinbase stock (COIN) price on the Nasdaq was up 2.16% to US$53.19 during pre-market trading on Thursday.
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