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Home Crypto Exchanges

Coinbase Is Fined $3.6 Million By A Dutch Regulator For Not Being Registered

Hania by Hania
January 27, 2023
in Crypto Exchanges
Reading Time: 2 mins read
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Coinbase Considers Singapore Amid US SEC Challenges
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Coinbase exchange broke the law by offering cryptocurrency services without the proper registration, according to the central bank of the Country.

Crypto exchange for providing cryptocurrency services to customers in the nation without being registered, Coinbase has been fined 3,325,000 euros ($3.6 million) by the Dutch central bank.

Under Dutch law, cryptocurrency service providers must register in accordance with standards against money laundering and terrorist funding.

The Dutch central bank stated that it had also taken into account the size of Coinbase’s Dutch customer base and the competitive advantage it had gained by not paying supervisory fees.

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“As a result of the severity and degree of culpability of the non-compliance, the base amount has also been raised,” the central bank said.

Coinbase Is Fined $3.6 Million By A Dutch Regulator For Not Being Registered

Coinbase, which has until March 2 to challenge the administrative fine, has said that it disagreed with the enforcement order and is “seriously evaluating the objections and appeals procedure.”

According to a Coinbase representative, the ruling “is based on the time it took for Coinbase to get our registration in the Netherlands and includes no criticism of our actual services. “Coinbase is dedicated to compliance in all jurisdictions in which it operates and will keep providing new and current Dutch clients safe, dependable services.“

The representative continued, “We shouldn’t be fined for adhering to the rules and participating in this process.

Also Read:

Coinbase Japan Confirms To Shut Down Operations

Coinbase To Fire 950 Employees In Second Wave Of Job Cuts.

Coinbase Wallets Will No Longer Support XRP, BCH, XLM And ETC

Tags: crypto regulationsNetherlands
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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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