Dutch Central Bank Fines Binance Over Unauthorised Services
The Dutch Central Bank has imposed a 3.3 million euros ($3.4 million) fine on Binance for extending unauthorised services to Dutch citizens. The crypto exchange did not have proper registration but still continued to provide services. This comes as a setback to the exchange’s campaign to win over the European regulators. The Central Bank stated […]
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The Dutch central bank has fined cryptocurrency exchange Binance 3.325 million euros for offering crypto services in the Netherlands without the legally required registration. Binance has appealed against the fine and has now submitted an application to register with the central bank. Binance Fined by Dutch Regulator The Dutch central bank, De Nederlandsche Bank (DNB), revealed Monday that it has fined Binance Holdings Ltd. for offering crypto services without registration as required by law. The administrative fine of 3.325 million euros ($3.4 million) was imposed on the cryptocurrency....
The warning follows authorities in several countries issuing statements warning investors to exercise caution in regards to Binance, or claiming the exchange was operating illegally. De Nederlandsche Bank, the central bank of the Netherlands, issued a warning to Binance Holdings Limited and its entities offering crypto services to local residents.In a Wednesday statement, De Nederlandsche Bank said the major crypto exchange was not operating in compliance with the country’s Anti-Money Laundering and Anti-Terrorist Financing Act, alleging Binance customers were at risk of “becoming involved....
Thirty-nine companies have applied for registration with the Dutch central bank to provide cryptocurrency services, the regulator told news.Bitcoin.com. They include crypto exchanges and custodial wallet providers. Dutch Central Bank Begins Registering Crypto Service Providers De Nederlandsche Bank NV (DNB), the Dutch central bank, has started actively registering companies to provide cryptocurrency services. As a result of the implementation of the fifth EU Anti-Money Laundering Directive (5AMLD), providers of exchange services between cryptocurrencies and fiat currencies and providers of....
The Dutch central bank said that the Binance crypto exchange had a “very large number of customers in the Netherlands." Major global cryptocurrency exchange Binance is facing a penalty in the Netherlands after failing to obtain regulatory approval to operate in the country.The central bank of the Netherlands (DNB) has fined Binance Holdings 3.3 million euros ($3.3 million) for offering local crypto services without registration with authority. The Dutch central bank officially announced Monday that the regulator imposed the administrative fine in April 2022.The DNB pointed out that any....
Convinced that cryptocurrencies are affecting the tasks performed by monetary authorities around the world, the Dutch central bank has urged for comprehensive international regulations. The call comes after research into the development of crypto assets and policy responses. ‘Proper Regulation Indispensable for Risky Cryptos,’ Dutch Central Bank Insists Bitcoin, tether, and other digital coins are affecting many of the tasks and objectives of central banks and supervisory authorities, according to Steven Maijoor and Olaf Sleijpen, members of the Executive Board of De Nederlandsche Bank....