Crypto exchange Binance fined by Dutch central bank for illegal operations

Cryptocurrency exchange giant Binance has been imposed with a fine of 3.3M euros ($3.4M) by the Dutch central bank on the basis of operating in the Netherlands without a legally required registration, according to a release Monday. For crypto firms that want to offer services in the Netherlands, they must register with the De Nederlandsche Bank ("DNB") under the Money Laundering and Terrorist Financing Prevention Act, as per the release. The DNB, which previously disclosed a public warning about Binance in August 2021, increased its penalty from 2M euros due to the size of Binance as well as its "very large number of customers" in the the country, the release said. The world's largest crypto exchange by trading volume objected to the charge on June 2, the DNB saidOn the other hand, the DNB noted that Binance has submitted for registration in a move that has enabled the central bank to moderate the fine by 5%. Over the past year, the company has taken steps to expand its global footprint while aiming to comply with regulations. Its Moon Tech subsidiary, for example, had secured registration as a virtual asset services provider ("VASP") at the beginning of July. “Today’s decision marks a long-awaited pivot in our ongoing collaboration with the Dutch Central Bank,” a spokesperson told CNBC via email. “While we do not share the same view on every aspect of the decision, we deeply respect the authority and professionalism of Dutch ...