The National Bank of the Netherlands (De Nederlandsche Bank (DNB)), which is the supervisory authority in the banking and payments sector, fined Binance crypto exchange 3,32 million euros. Binance is the largest cryptocurrency platform in the world. She has been working in the Netherlands without registration and for a long time, which causes outrage at DNB. The fine was imposed on April 25, but the consideration of appeals took some time. Now Binance will have to pay.
From May 21, 2020, companies trading cryptocurrencies must register under the anti-money laundering and counter-terrorist financing (Wwft) legislation. The use of cryptocurrencies generally carries a high risk of money laundering and terrorist financing, since transactions are anonymous.
It should be noted that the amount of the fine imposed on Binance is much higher than the amounts usually assigned. DNB explains this decision by the fact that the company is a global player, billions of dollars pass through its platform every day, respectively, and its responsibility is increased. In addition, the company did not pay DNB supervisory fees, which allowed it to gain an unfair advantage over its competitors. Binance issued a warning on August 18, 2021, but the company did not take any action.
Binance said it did not agree with DNB's decision, but promised to continue to use a "more traditional business model" in the Netherlands.
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Publication Date: 26.07.2022
