The Dutch central bank, De Nederlandsche Bank (DNB), has imposed a fine of 3.3 million euros ($3.6 million) on cryptocurrency exchange Coinbase for non-compliance with local regulations for financial service providers. According to a Reuters report, Coinbase failed to obtain the necessary registration to offer services in the Netherlands prior to beginning operations in the country.
The DNB stated that it took into account the size of Coinbase as a company and the fact that it has a “significant number of customers in the Netherlands.” The authorities claim that Coinbase was non-compliant during the period between November 2020 and August 2022.
In December 2022, the DNB also targeted cryptocurrency exchange KuCoin for operating without a license and offering services illegally. In 2021, Binance Holdings Limited was also targeted by the DNB with similar allegations and paid more than 3 million euros in fines due to violations.
These actions by the DNB indicate that the organization is actively attempting to regulate cryptocurrency operations in the Netherlands and make sure that companies comply with Dutch law.
