De Nederlandsche Bank (DNB) has fined cryptocurrency exchange Binance 3.3 million euros ($3.35 million) for offering services in the Netherlands without the appropriate license.
In a statement released on Monday, the regulator said that violations committed by Binance are punishable by a third category fine, meaning that the administrative fine has a base amount of 2 million ($2.03 million).
For Binance, this base amount was, however, increased, with DNB citing several reasons for such a decision.
One of the reasons, according to DNB, is that Binance is not only the largest provider of crypto services worldwide but also has a very large number of customers in the country.
Boete voor Binance Holdings Ltd. vanwege het zonder de wettelijk vereiste registratie aanbieden van cryptodiensten https://t.co/O5rhRsBoau
— De Nederlandsche Bank (@DNB_NL) July 18, 2022
“In addition, Binance enjoyed a competitive advantage because it did not pay any levies to DNB and did not incur any other costs...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...