Dutch central bank fines cryptocurrency exchange Coinbase 3.3 mln euros

AMSTERDAM, Jan 26 (Reuters) – The Dutch central bank (DNB) has fined U.S. cryptocurrency exchange Coinbase (COIN.O) 3.3 million euros ($3.6 million) for failing to obtain the correct registration in the Netherlands before offering services.

The fine mirrors one handed to Coinbase rival Binance in July.

Coinbase said it disagreed with the DNB’s decision, which it said “includes no criticism of our actual services” and was considering an appeal.

Cryptocurrency companies operating in the Netherlands have been obliged to register as money transmitters under the country’s anti-money laundering rules since May 2020.

The DNB said Coinbase was out of compliance between November 2020 and “at least” August 2022, before it successfully registered on Sept. 22, 2022.

During that period “a large number of unusual transactions may have gone unnoticed by the investigative authorities”, it said.

The DNB said it had taken into consideration that Coinbase was one of the largest cryptocurrency companies and had a “significant number of customers in the Netherlands”.

Coinbase has until March 2 to appeal.

($1 = 0.9156 euros)

Reporting by Toby Sterling; Editing by David Goodman and Alex Richardson

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Source link

Leave a Comment