header banner
Default

The Dutch Central Bank fined Coinbase, a cryptocurrency exchange, 3 billion euros


Table of Contents

    Illustration shows a representation of the cryptocurrency and Coinbase logo

    A representation of the cryptocurrency is seen in front of Coinbase logo in this illustration taken, March 4, 2022. REUTERS/Dado Ruvic/Illustration/ Acquire Licensing Rights

    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

    Our Standards: The Thomson Reuters Trust Principles.

    Sources


    Article information

    Author: Taylor Pham

    Last Updated: 1698720002

    Views: 1563

    Rating: 4.8 / 5 (66 voted)

    Reviews: 90% of readers found this page helpful

    Author information

    Name: Taylor Pham

    Birthday: 1917-12-03

    Address: 636 May Ville Apt. 386, East Dana, DE 36666

    Phone: +3585374922160681

    Job: Orthodontist

    Hobby: Camping, Golf, Telescope Building, Sailing, Chess, Sculpting, Geocaching

    Introduction: My name is Taylor Pham, I am a daring, exquisite, spirited, clever, expert, esteemed, skilled person who loves writing and wants to share my knowledge and understanding with you.