Binance, the world’s largest crypto exchange, has been fined €3.3 million by the Dutch central bank for operating illegally in the country. However, the company, which is seeking a licence to operate in the Netherlands, was conciliatory in its comment, highlighting its “deep respect” for the “authority and professionalism of Dutch regulators”.
The penalty, which is being appealed, comes after a warning issued by De Nederlandsche Bank (DNB) in August last year that Binance had offered crypto services in the country without authorisation.
The fine is one of the highest DNB can issue, and results from Binance’s “prolonged” breach beginning in 21st May 2020 and continuing at least under 31st December 2021.
DNB said its decision was “due to the gravity and degree of culpability of the non-compliance”. It also took into consideration the company’s “very substantial customer base in the Netherlands”.
A Binance spokesperson said the company is hoping to put the matter behind it as it pursues its Dutch license, in line with its attempts to cosy up to regulators.
Speaking to CNBC, the spokesperson said: “Today’s decision marks a long-awaited pivot in our ongoing collaboration with the Dutch Central Bank.”
In fact, the DNB’s fine was reduced by five percent Binance applied for registration and was “relatively transparent” about its operations during the process, DNB said. The central bank says it is still reviewing Binance’s application.
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Gammix Limited has strongly refuted the fine, saying it was based on ‘“falsified data, extreme inaccuracy and highly suspect mathematics’