DNB fines Binance for ‘grave’ regulatory breach

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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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