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Binance fined €3.3M by Dutch Central Bank over unlicensed operations

ByNdasi Tata

Jul 19, 2022
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1658181485122 163a9885 fdfb 447b 8892 cbf558d82111

Crypto exchange Binance has reportedly been fined €3.3 million (£2.8 million) for operating in the Netherlands without the requisite regulatory authorization.

According to a press release published on Monday, the Dutch Central Bank slapped the leading cryptocurrency exchange with the fine in April.

Binance ‘warned’ in 2021

The registration requirements for all crypto asset providers in the Netherlands was introduced in May 2020, with regulators eyeing compliance as part of the push to prevent potential misuse of virtual assets in illicit activities like money laundering and financing of terrorism.

In its statement Monday, the Dutch Central Bank revealed Binance had failed to adhere to these requirements and continued offering its services – until at least 1 December 2021.

The DNB noted that the fine was as high as possible due Binance’s “serious” violations. The exchange had also operated without any levies for the period in question, with Netherlands having a significant number of Binance users as established during the investigation.

Nonetheless, the regulator reduced the fine by 5% in recognition of the crypto company’s application for registration. The bank also noted that the exchange had been “relatively transparent about its business operations throughout the process.”

Binance reportedly objected to the said fine on 2 June, 2022.

However, Changpeng Zhao, co-founder and CEO, has previously noted that the company is looking to comply with regulatory requirements in all jurisdictions and locations that it offers its services.

The post Binance fined €3.3M by Dutch Central Bank over unlicensed operations appeared first on CoinJournal.

Ndasi Tata

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist who's also known for being a Bitcoin and Blockchain advocate. He's a crypto lover and reporter and has promoted several crypto projects within the African Continent. He uses a variety of social media and online channels. In addition to running a successful Facebook page with thousands of fans, he also promotes blockchain and bitcoin development initiatives on the well-liked YouTube channel #cryptoafrica-now. He earned an M.Sc. from the University of Nicosia in Cyprus in Blockchain and Digital Currency. At the University of Nicosia, Andreas Antonopoulos, Ph.D., and Antonis Polemitis, Ph.D., serve as role models.

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