De Nederlandsche Bank (DNB), the central bank of the Netherlands, has fined Binance €3.3 million for offering services in the country without any registration.
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The central bank said in a press release that the violations committed by Binance are punishable with a fine from the third category, which means that the administrative fine starts at €2 million.
Yet, Binance was fined for over €3 million as the exchange violated the local law for too long (from May 21, 2020, and until December 1, 2021), the regulator said. Other factors that impacted the size of the fine included Binance's clients base and large trading volume.
However, DNB has moderated the fine by 5%, partly because Binance has filed an application to register its business in the Netherlands. It remains unclear for how long the central bank will assess the application.
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