The cryptocurrency exchange Coinbase has been fined by the Dutch central bank for previously offering services without the required registration. The trading platform is thinking about filing an appeal against the decision, which it has until March to object to.
On January 18, 2023, De Nederlandsche Bank (DNB) assessed Coinbase Europe Limited an administrative punishment of €3,325,000 (more than $3.6 million). A statement described the punishment for the exchange that had previously provided cryptocurrency services in the Netherlands without registering with the central bank.
The regulator claims that the exchange did not comply with Dutch regulations because under the country's Anti-Money Laundering and Anti-Terrorist Financing Act, businesses that wish to offer services linked to cryptocurrencies must register with the DNB.
The monetary authority went on to say that the base fine amount for this category is €2 million, but that the Coinbase case has an additional fine "due to the severity and degree of guilt of the non-compliance."
“In increasing the fine, DNB took into account the fact that Coinbase is one of the largest crypto service providers globally. Moreover, Coinbase has a significant number of customers in the Netherlands that make use of its crypto services,”
…according to the bank, no supervisory fees have been paid by the exchange.
Additionally, the Dutch central bank emphasized that it views Coinbase's protracted period of time operating without registration, from mid-November 2020 to late August 2022, as a serious non-compliance.
