DNB Fines Binance 3.3 Million Euros

Binance hit with a three million Euro fine over failure to comply with Dutch Anti Money laundering regulations.


FILE PHOTO: A representation of cryptocurrency is seen in front of Binance logo in this illustration taken, March 4, 2022. REUTERS/Dado Ruvic/Illustration
FILE PHOTO: A representation of cryptocurrency is seen in front of Binance logo in this illustration taken, March 4, 2022. REUTERS/Dado Ruvic/Illustration
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LONDON (Bywire News) - Binance, one of the largest cryptocurrency exchanges in the world, has been fined €3.3million by the Dutch Central Bank. The penalty comes after it was found to have offered services in the Netherlands without being registered in the country. 

The fine follows a public warning issued against Binance in August 2021. According to the DNB, Binance had violated Dutch anti-money laundering regulations and had gained a competitive advantage over other companies which had complied with the rules.

Binance, has said they have not set up a local company branch, Binance Nederland BV and that they were attempting to put this behind them. However, the penalty will add to the concerns about the safety and reliability of cryptocurrencies.   

To date, the DNB has said it has not yet approved, Binance’s regulation, but says it has lessened the fine from because the company had been ‘relatively transparent about its operations throughout the process’.

The bank also said in a statement that Binance had indicated it would appeal the decision in June.

(Writing by Samba Jallow, editing by Klaudia Fior and Tom Cropper)

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