Coinbase fined for offering crypto services without registration in the Netherlands.
The trading platform, which has until March to object to the measure, is currently considering an appeal against the move.De Nederlandsche Bank has imposed an administrative fine of €3,325,000 on Coinbase Europe Limited, on Jan. 18, 2023. An announcement explained the penalty with the exchange offering crypto services in the Netherlands in a past period without registering with the central bank.
The monetary authority further detailed that the base amount for this category of fines is €2 million while pointing out that the fine in case with Coinbase has been increased “due to the severity and degree of culpability of the non-compliance.” The Dutch central bank also highlighted that Coinbase operated without registration for a prolonged period of time, between mid-November, 2020 and late August, 2022, emphasizing it considers that a severe non-compliance.
The lack of registration meant that the global exchange was unable to report unusual transactions to the Dutch Financial Intelligence Unit during the said period and these transfers may have gone unnoticed by the investigative authorities, the bank insisted.
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