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Dutch Central Bank Fines Binance

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The Dutch Central Bank, DNB, fined Binance roughly three million euros, translating to about $3.4 million U.S. dollars. The bank said that Binance offered crypto services within the Netherlands without registration last year. 

The bank claimed that the breach happened from late May 2020 to December 2021, and that's why the fine is third tier, the highest level of enforcement. 

"DNB has included in the increase of the fine that Binance is the largest provider of crypto services worldwide, with a daily trading volume of USD 13.7 billion, and that Binance has a very large number of customers in the Netherlands. In addition, Binance has enjoyed a competitive advantage because it has not paid any levies to DNB and has not had to incur other costs in connection with ongoing supervision by DNB. Another important reason for the increased fine is that the violations took place over a long period of time: from 21 May 2020 (date registration obligation was introduced) until at least 1 December 2021 (date end of investigation by DNB). DNB therefore considers these violations to be very serious," DNB explained in a release. 

Per CoinGecko, Binance has daily spot trading volumes of $15.5 billion across the globe, making it one of the largest crypto exchanges. The exchange is currently pursuing a Dutch license.

FULL VIDEO TRANSCRIPT BELOW:

The world’s largest crypto exchange just got fined over $3 million dollars for operating illegally.

Binance was fined by the Dutch Central Bank after they claimed Binance offered crypto services within the Netherlands without authorization last year. The bank claims that the breach took place from late May 2020 to December 2021. As a result, their penalty was a category 3 fine, the highest level of enforcement.

However, Binance has since changed its tone and is making an effort to make peace with global regulators as they are currently pursuing a Dutch License, after already securing licenses in France, Italy and Spain.

It’s your boy Ross Mac and that was the Crypto Minute on TheStreet. 

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