De Nederlandsche Bank (DNB), the central bank of the Netherlands, has fined the European arm of Coinbase (Coinbase Europe) €3.3 million (~$3.6 million) for offering crypto services without an approval from the regulator.
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The central bank said in a press release that Coinbase Europe failed to register with DNB under the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act from November 2020 until at August 2022.
The regulator noted that it took into account the fact that Coinbase is one of the largest crypto service providers globally, which is why it had decided to decrease the fine by 5%. The base amount in this fine category can reach up to €4 million. Coinbase can object the fine until March 2023.
In 2022, DNB also fined Binance €3.3 million, saying the exchange violated the local law for too long. After the fine, Binance filed an application to register its business in the Netherlands.
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