Binance recently faced a sanction in the Netherlands for having offered local cryptocurrency services despite not having obtained authorization to carry out operations.

The Dutch Central Bank (DNB) fined the company $ 3.3 million in April of that year, but the announcement was made only recently.

The DNB noted that any company offering cryptocurrency services in the Netherlands is required to register with the central bank in compliance with the Prevention of Money Laundering and Terrorist Financing Act. The regulator also mentioned that the DNB previously issued a public warning to Binance on August 18, 2021.

The announcement also ensures that the institution applied a higher sanction in view of the “large volumes of trade within the platform“, which would amount to 13.7 billion dollars.

The central bank also mentioned that Binance has submitted a registration application, and the registration process is now being addressed. Since the exchange has moved to comply with the law and has been transparent about its business operations, the DNB reduced the total amount of the fine by 5 %, the announcement notes.

K. Tovar

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Source: Cointelegraph

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