AMSTERDAM, Jan 26 (Reuters) – The Dutch central financial institution (DNB) has fined U.S. cryptocurrency change Coinbase (COIN.O) 3.3 million euros ($3.6 million) for failing to acquire the proper registration within the Netherlands earlier than providing companies.
The high quality mirrors one handed to Coinbase rival Binance in July.
Coinbase stated it disagreed with the DNB’s choice, which it stated “contains no criticism of our precise companies” and was contemplating an attraction.
Cryptocurrency firms working within the Netherlands have been obliged to register as cash transmitters beneath the nation’s anti-money laundering guidelines since Might 2020.
The DNB stated Coinbase was out of compliance between November 2020 and “at the very least” August 2022, earlier than it efficiently registered on Sept. 22, 2022.
Throughout that interval “a lot of uncommon transactions could have gone unnoticed by the investigative authorities”, it stated.
The DNB stated it had considered that Coinbase was one of many largest cryptocurrency firms and had a “important variety of clients within the Netherlands”.
Coinbase has till March 2 to attraction.
($1 = 0.9156 euros)
Our Requirements: The Thomson Reuters Trust Principles.
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