crypto platform coin base You have to pay a fine of €3.25 million in the Netherlands. That’s what regulator Nederland Bank (DNB) reported on Thursday. Coinbase, a large American trading platform, has been operating in the Netherlands for almost two years without the required registration. The misconduct he committed occurred between November 2020 and August 2022.
Coinbase is one of the world’s largest providers of crypto services. DNB said it has a “significant number of customers” in the Netherlands, but did not disclose an exact number. According to DNB, his crypto platform had a competitive advantage as the company did not pay taxes due to lack of registration in the country, but intended to demand this. The license was finally awarded in September 2022.
From May 2020, Dutch crypto platforms must be registered with the DNB. Due to the anonymity of crypto services, DNB believes there is a high risk of money laundering and terrorist financing, claiming that during the time Coinbase operated without registration, there were a number of unusual transactions on its platform. I’m here. Lacking a license, they remained hidden from investigating authorities.
In December 2022, it also targeted DNB. Virtual currency exchange Kucoin It also operated without a license, which it says is offering its services illegally. In 2021, Binance Holdings Limited was targeted as well and the exchange paid him a fine of over €3 million.
In the United States, where Coinbase is the most popular crypto platform, the company has to pay a $50 million (€46 million) fine for not doing enough to prevent money laundering. .
The news surrounding Coinbase has been pretty negative since early 2022. The company is in the headlines for many reasons related to its business operations. And so far, 2023 doesn’t get any better.
Coinbase has lost over 70% of its market value in the last 7 months. The crypto platform laid off 1,150 employees last summer, nearly a fifth of his total. Coinbase recently announced that another 950 people will lose their jobs. This means Coinbase has cut his 35% of its workforce since June.
chief executive officer Brian Armstrong He recently spoke about the need to “ensure operational efficiencies to weather the crypto market downturn”. Did.