The Dutch Central Bank fined Binance $3.37 million
The Central Bank of the Netherlands imposed a fine of €3.320 million because Binance does not have the necessary licenses.
As the Dutch Central Bank noted, it considered the global trading volumes on Binance and how many Dutch people use the exchange’s services.
If a company wants to offer services related to digital assets and do this directly in the Netherlands, it must be registered with the Central Bank.the CB said.
Earlier, back in 2021, representatives of the Central Bank claimed that the exchange did not have a registration. Still, Binance assured that it had filed the appropriate paperwork to go through the legalization procedure. As a result, the fine increased and rose to 3,320,000 because the exchange has been operating illegally in the country since May 21 of the year before last until December 1, 2021.
However, despite the strict measures against the exchange, the bank still made some compromises and reduced the initial fine by 5%. This was done due to the fact that, firstly, the exchange eventually filed documents for registration, and secondly, according to representatives of the central bank, it conducted transparent business operations.
It is worth noting that the Netherlands is not the only country where the exchange has had problems. Earlier, countries such as the UK, Japan, Singapore, Thailand, South Africa, Poland, and others banned any exchange activities without prior approval.
