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Netherlands Fines Binance $3.4 Million For Operating Illegally

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Binance, the world’s largest cryptocurrency exchange, has been slapped with a 3.3 million euro ($3.4 million) fine from the Dutch central bank for operating in the Netherlands without registration.

CNBC reports that the penalty came after an August 2021 warning from De Nederlandsche Bank (DNB) last year that Binance had offered crypto services in the country without authorization.

The company was dealt a category 3 fine — the most stringent of DNB’s three levels of enforcement. The charge came in at the upper limit of the 2 million euros to 4 million euros maximum the bank can impose “due to the gravity and degree of culpability of the non-compliance,” DNB said in a statement.

Read what a spokesperson for Binance said on the issue:

Today’s decision marks a long-awaited pivot in our ongoing collaboration with the Dutch Central Bank.

While we do not share the same view on every aspect of the decision, we deeply respect the authority and professionalism of Dutch regulators to enforce regulations as they see fit.

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