Faces $3.1M Fine from Dutch Regulatory Authority

While is currently licensed in the Netherlands, the DNB asserted that it violated regulatory laws prior to its registration. mascot verchile keeps getting warnings and parking tickets in the Netherlands.
Created by Kornelija Poderskytė from DailyCoin
  • has been issued a fine for registration law violation in the Netherlands.
  • The exchange is seeking to appeal the regulatory ruling.
  • secured the Dutch operational license in the previous year.

Despite the surge in the popularity of the crypto industry over the past years, the global regulatory landscape remains uneven. Financial watchdogs across the globe adopt varying standards in keeping local crypto firms compliant with local regulations, sometimes involving penalties and sanctions.

Against this backdrop, crypto exchange has come under scrutiny in the Netherlands.

DNB Fines

According to a March 13 release by the central bank of the Netherlands, De Nederlandsche Bank (DNB), has been fined a staggering 2.85 million euros, or approximately $3.1 million.


The fine, issued on October 2, 2023, was imposed in consequence of the exchange’s provision of crypto services in the Netherlands without the mandatory registration with DNB, violating the Dutch Anti-Money Laundering and Anti-Terrorist Financing.

While is currently authorized to operate in the Netherlands following its acquisition of a full operational license from the DNB in July 2023, the financial regulator asserted that the exchange’s operations from 21 May 2020 until 8 November 2022 were illegal and in violation of regulations. 

The exchange’s period of non-compliance is punishable by a category three fine, the base amount of which is €2 million. However, the regulator added that’s additional million is due to its “very severe” non-compliance.

Sponsored has highlighted ongoing efforts to appeal the regulator’s decision. The exchange is not the first to face financial liabilities with the Dutch regulatory authority.

DNB vs. Crypto Firms

In July 2022, De Nederlandsche Bank (DNB fined Binance $3.4 million for operating illegally in the country.

The $3.4 million fine was among the most stringent of the central bank’s levels of enforcement, attributed to  the “gravity and degree of culpability of the non-compliance.” DNB states, “Binance offered crypto services in the Netherlands without a legally required registration with DNB. Later in June, Binance bid bye to the Dutch market after failed registration efforts.

Most recently, the DNB imposed a fine on Coinbase in January 2023, alleging that it serviced numerous customers in the Netherlands without obtaining the necessary registration. The regulatory body demanded Coinbase to pay a total $3.6M

Kraken was also previously flagged by the regulator as non-compliant. However, no enforcement actions were initiated against the exchange.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Grace Abidemi

Grace Abidemi, a cryptocurrency reporter at DailyCoin, covers industry developments and trends. She previously worked as a freelance writer. With a Bachelor's degree in German Language and certifications in marketing and storytelling, Grace creates engaging content. When not working, she's in Nigeria, mastering cooking and canvas painting, and enjoys learning about different cultures and languages.