The largest cryptocurrency exchange fined in the Netherlands

European media report that the Central Bank of the Netherlands (DNB) has imposed a fine on the world’s leading cryptocurrency exchange Binance. According to official data, the management of the trading platform will be obliged to pay € 3.325 million. The regulator made this decision due to the fact that the service continued to offer services to citizens of the country without the need to undergo the procedure of mandatory registration and data verification.

The Dutch bank explained that De Nederlandsche Bank (DNB) requires virtual asset service providers (VASPs) to comply with certain regulations and requirements. In this case, Binance was forced to make users register in accordance with the Money Laundering and Terrorist Financing Prevention Act. Otherwise, the platform could not provide services to customers.

It was also noted that the amount of the fine for the crypto platform was increased compared to the initial decision. The amount turned out to be € 2 million more than originally stated. Representatives of the organization assured that this is due to the fact that Binance has a lot of customers among Dutch citizens.