Binance fined €3.3 million by Dutch Central Bank, underway to address crypto license evaluation violations

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Binance fined €3.3 million by Dutch Central Bank, underway to address crypto license evaluation violations

 

  • The Dutch central bank on Monday fined Binance for not registering its operations with the regulator.
  • The fine imposed for the violation amounted to €3.3 million, approximately $3.4 million in USD.
  • Violations include not paying taxes and other costs associated with running a regulated business in the Netherlands.
  • Binance had previously received a warning from the watchdog in August 2021.
  • The leading exchange has submitted a registration application.
  • At press time, the application is being reviewed by Dutch Apex Bank.
  • Per the report, Binance is confident that growth should not deter European expansion plans.
  • Mammoth Exchange is approved to operate in major European markets such as France, Italy and Spain.
  • Germany could be another location targeted by the CZs company.

The Dutch Central Bank (DNB), the Netherlands' top financial regulator, on Monday issued a €3.3 million fine to major crypto exchange Binance over breaches of the platform's failure to operate.

 

As a registered and regulated entity in the country. The news was revealed on Monday via an official statement from DNB, stating that despite having a considerable customer base, Binance is not yet a registered business in the Netherlands. 

Following the fine imposed on Binance by the Dutch Central Bank, they have begun their diligence process to respond to a new violation uncovered in the evaluation process. A second, third and fourth charge of violating operation rules has been leveled against the exchange by DNB .

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