The Netherlands fines crypto exchange Binance € 3 million
yamotoyuki2 hours ago
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The Dutch central bank said on Monday that Binance, the world’s largest cryptocurrency exchange, was fined more than € 3 million for violating Dutch law regarding the registration of its activities.
“On April 25, the Central Bank of the Netherlands fined Binance Holdings Ltd € 3,325,000 ($ 3,376,000),” said DNB.
“We were fined for providing cryptographic services in the Netherlands without registering with DNB as Binance is legally required,” he said.
According to DNB, Binance subsequently filed a request for registration and fine appeal.
Companies offering cryptocurrency services in the Netherlands are obliged to register their activities under the law to prevent money laundering and terrorist financing.
“Without this registration obligation, it would be more difficult to manage the risk of criminal financial transactions,” the bank said.
It described the “infringement” of Binance’s law as “very serious.”
In May, Binance received approval from the French financial market authority AMF to operate its business in France.
This is the first time in Europe for the company. British officials said last year that they were unable to properly supervise their activities, pose a risk to consumers.
Binance is the largest exchange in the cryptocurrency market. Last year it boasted $ 32 trillion in transactions and 120 million customers.
Cryptocurrencies operate in the less regulated corners of the economy, and the value of the major ones tends to fluctuate sharply.
After the Covid-19 pandemic boom, its value has plummeted in recent months. Two-thirds of the sector’s market value has been wiped out.
Cryptocurrencies and the technologies around them are seen by enthusiasts as a decentralized foundation to replace the mainstream banking system and oppose regulation.
However, as crypto companies are becoming mainstream with the attention of TV advertising and celebrity support, national authorities are increasingly committed to stricter rules and consumer protection.
http://www.gulf-times.com/story/721211/Netherlands-fines-cryptocurrency-exchange-Binance- The Netherlands fines crypto exchange Binance € 3 million
