The Dutch Central Bank communicated that it fined Binance Holdings Ltd. 3.33 million euros i.e. about $3.6 million, as the world’s biggest cryptocurrency exchange operator faces increased regulatory scrutiny.
The fine was inflicted in April after Binance presented crypto services in the Netherlands without the necessary registration with the central bank. The financial authority revealed this in a statement on Monday.
Binance’s global development over the past few years has lured the attention of regulators across the world. In the US, Binance is being scrutinized for potential securities violations. A long list of governments including Thailand, South Africa, and the Cayman Islands have cautioned the company it wasn’t allowed to function locally.
The fine was downsized partly because a registration application has now been made and the Dutch central bank mentioned that Binance has been fairly transparent about its business operations throughout the entire process. The company opposed the fine on June 2.
Dutch authorities judged in May 2020 that any company striving to offer crypto services in the Netherlands must concede to the country’s laws against money laundering and terrorism financing. The central bank publicly cautioned Binance last year.
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