Dutch Central Bank fines Binance $3.37 million
- July 18, 2022
- 0
The Dutch Central Bank (DNB) has fined cryptocurrency exchange Binance 3.32 million euros ($3.37 million). The regulator said in a statement that this was due to the lack
The Dutch Central Bank (DNB) has fined cryptocurrency exchange Binance 3.32 million euros ($3.37 million). The regulator said in a statement that this was due to the lack of a working license.
“Companies aiming to offer cryptocurrency-related services in the Netherlands are required to register with the DNB,” the central bank said.
According to the press release, the regulator took into account Binance’s global trading volumes and the number of local users. The increase of the fine from 2 million euros was affected by a long period of work with violations in the country – from 21 May 2020 to at least 1 December 2021.
“However, DNB reduced the penalty by 5% as the exchange applied for registration and also because Binance was relatively transparent in terms of trading operations throughout the process,” Central Bank representatives said.
In August 2021, the regulator announced that it had not registered with the bitcoin exchange. At the time, platform representatives stated that the company was in the application process.
Previously, the UK Financial Conduct Authority was barred from any regulated activity in the country without the prior approval of Binance Markets Limited.
Officials from Italy, Poland, Japan, Thailand, Hong Kong, Singapore, South Africa and some other countries also warned investors about the stock market.
In September 2021, CEO Changpeng Zhao announced the rejection of the “decentralized” business model.
In July 2022, Binance obtained a service provider license for the digital asset market in Spain. This jurisdiction ranks third in the EU after France and Italy, where the exchange has received approval from local regulators.
This year, the company’s work has been supported by the free financial district authorities of Bahrain, Dubai and Abu Dhabi. Binance also announced the launch of a regulated exchange in Thailand and the opening of a customer service center in Turkey.
Recall that in June 2022, the bitcoin exchange Coinbase asked users in the Netherlands to provide comprehensive information about transactions.
ForkLog explained what Binance is in their training cards.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
