The Dutch central bank (DNB) has fined U.S. cryptocurrency exchange Coinbase 3.3 million euros ($3.6 million) for failing to obtain the correct registration in the Netherlands before offering services.
A representation of the cryptocurrency is seen in front of Coinbase logo in this illustration taken, March 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photo3.3 million euros for failing to obtain the correct registration in the Netherlands before offering services.Coinbase said it disagreed with the DNB's decision, which it said "includes no criticism of our actual services" and was considering an appeal.
Cryptocurrency companies operating in the Netherlands have been obliged to register as money transmitters under the country's anti-money laundering rules since May 2020. The DNB said Coinbase was out of compliance between November 2020 and "at least" August 2022, before it successfully registered on Sept. 22, 2022.
During that period "a large number of unusual transactions may have gone unnoticed by the investigative authorities", it said. The DNB said it had taken into consideration that Coinbase was one of the largest cryptocurrency companies and had a "significant number of customers in the Netherlands".Reporting by Toby Sterling; Editing by David Goodman and Alex Richardson
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