Binance exchange fined for illegal operations in the Netherlands
One of the most popular cryptocurrency exchanges has not obtained a permit to operate in one of the European countries.
Binance exchange fined in the Netherlands
The Dutch central bank has imposed a heavy fine on one of the most famous cryptocurrency exchanges in the world for not complying with local regulations. According to the law in force in this country, any company offering services related to virtual assets in its territory should complete the appropriate registration required by the Anti-Money Laundering and Terrorist Financing Act.
The local regulator also announced that before it punished Binance Holdings, it issued a public warning related to this platform in August 2021. The central bank of the Netherlands opted for a higher fine on this crypto exchange due to its substantial turnover. The bank stated that its daily volumes in the country amounted to $ 13.7 billion.
The increased penalty was also due to the fact that this platform had a very long time to perform the necessary actions provided for by law. This breach took place from May 2020, when the bank introduced the obligation to register until the investigation was closed in December 2021.
The above-mentioned fine was reduced by 5% and this is due to the fact that the Binance exchange has finally submitted the necessary application, which is currently being considered, while complying with the applicable law and showing transparency in the field of business activities.
Binance's commitment to working with regulators
A Binance spokesman revealed in an interview with the media that the company has made significant steps to meet Dutch regulatory requirements. He stressed that this platform respects the commitment and professionalism of Dutch regulators in enforcing local legal regulations, but stressed that he did not share the same views in every aspect.
The willingness to cooperate with the Dutch central bank has been proven, inter alia, the fact that this exchange created a special entity Binance Nederland BV for its needs. However, reports show that on June 2 this year, the company opposed the penalty imposed on it. So far, Binance has not released any information as to whether or not it has paid the fine imposed by the Dutch authorities.
