Binance Was Fined $3.3 Million By The Dutch Central Bank

The Dutch Central Bank has issued a fine of 3.325 million euros ($3.37 million) against cryptocurrency exchange Binance for continuing to provide services to Dutch citizens without registration.

According to an official announcement today, De Nederlandsche Bank (DNB) has imposed a $3.37 million fine against Binance for failing to complete the registration process under the Money Laundering and Terrorist Financing Prevention Act.

The initial fine was 2 million euros, but because the exchange owns “a huge number of customers” in the Netherlands, they decided to increase the fine to 3,325 million euros.

Binance, the world’s largest cryptocurrency exchange, has also spoken against this allegation. The representative shared that the exchange is in the process of submitting the required application and will work actively with the Dutch Central Bank to meet the requirements of this institution.

The exchange objected to the fine, which was imposed on April 25. Binance has submitted for registration, which is being assessed by the central bank.

Binance recently received regulatory registration in France, obtaining provisional approval to operate as a broker-dealer in Abu Dhabi in April.

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