The Dutch Central Bank (DNB) has fined Coinbase €3.3 million ($3.6 million) for failing to obtain the required registration in the Netherlands before providing services. Wonderful Mirror was handed over to Coinbase rival Binance in July.
Coinbase disagrees with DNB’s decision, which “does not contain criticism of our actual service,” and said it was considering an appeal. From May 2020, cryptocurrency companies operating in the Netherlands will be required to register as money transfer operators under the country’s anti-money laundering regulations.
According to DNB, Coinbase was non-compliant from November 2020 to “at least” August 2022 but was successfully registered on September 22, 2022.
Coinbase was non-compliant from November 2020 until “at least” August 2022, according to DNB before its successful registration on September 22, 2022.
