European media reported: The Central Bank of the Netherlands (DNB) imposed a fine on the world’s leading cryptocurrency exchange Binance. According to official data, the management of the trading platform will be required to pay €3.325 million ($3.37 million). The regulator made this decision since the service continued to offer services to citizens of the country without the need to go through the mandatory registration and data verification procedure.
The Dutch bank explained that De Nederlandsche Bank (DNB) requires virtual asset service providers (VASPs) to comply with specific regulations and requirements. In this case, Binance required users to register under the Money Laundering and Terrorist Financing Prevention Act. Otherwise, the platform had no right to provide services to customers.
It was also noted that the amount of the fine for the crypto site was increased relative to the original decision. It amounted to € 2 million more than initially stated. Representatives of the organization assured that this is because Binance has a considerable number of clients among the citizens of the Netherlands.
The Bank recalled that they imposed a fine on the company back on April 25 of this year, but Binance representatives filed an appeal, which was eventually rejected, and the amount increased.
Representatives of the Binance cryptocurrency exchange have declined to comment on this situation and noted that they could not name the exact dates when the company will pay the fine.