DNB fines Binance for ‘grave’ regulatory breach

Netherlands sanctions exchange over failure to register, but other regulators are more welcoming

The Netherlands Bank

The Netherlands Bank fined the cryptocurrency exchange Binance €3.325 million ($3.41 million) for failing to register its activities, it announced on July 18.

All crypto-service providers in the Netherlands must register with DNB under the country’s anti-money laundering law. DNB said it had set the fine near the  upper limit of €4 million to reflect “the gravity and degree of culpability of the non-compliance”.

DNB said the exchange’s non-registration meant it had avoided paying fees to DNB

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