Dutch central bank fines cryptocurrency exchange Coinbase 3.3 mln euros

AMSTERDAM (Reuters) – The Dutch Central Bank (DNB) has fined U.S. crypto exchange Coinbase. (COIN.O) €3.3 million ($3.6 million) for failure to obtain proper registration in the Netherlands before providing services.

A nice mirror that was handed over to Coinbase rival Binance in July.

Coinbase disagreed with DNB’s decision, saying it “does not contain criticism of our actual service” and said it was considering an appeal.

From May 2020, cryptocurrency companies operating in the Netherlands are required to register as money transfer providers under the country’s anti-money laundering regulations.

According to DNB, Coinbase was non-compliant from November 2020 to “at least” August 2022, but successfully registered on September 22, 2022.

During that time, “a large number of unusual transactions may have gone unnoticed by investigators,” he said.

DNB said it took into account that Coinbase is one of the largest cryptocurrency companies and has a “significant number of customers in the Netherlands”.

Coinbase has until March 2nd to appeal.

($1 = 0.9156 Euro)

Reported by Toby Sterling.Edited by David Goodman and Alex Richardson

Our criteria: Thomson Reuters Trust Principles.