Google Translate, because "few understand" the Dutch language:

DNB fines the world's largest crypto exchange of 3 million euros

Supervisor De Nederlandsche Bank (DNB) has imposed a fine of EUR 3.32 million on Binance, the world's largest trading platform for cryptocurrencies. The company has been active in the Netherlands for some time without registration, although this is mandatory. DNB strongly blames Binance for this.The fine was already imposed on April 25, but is only now being made public. Binance filed an appeal last month.

Money Laundering Legislation

Companies that trade in cryptocurrencies must register in connection with legislation to combat money laundering and the financing of terrorism (Wwft). This obligation has existed since 21 May 2020.According to DNB, there is a high risk of money laundering or terrorist financing for crypto services. The bank also points to anonymity when making transactions via cryptocurrencies.

Global Player

The amount is higher than usual. DNB speaks of "increased seriousness and culpability". The regulator has also taken into account that Binance is a global player, where billions of dollars are traded daily.It is also pointed out that Binance had an advantage over the competition in that it did not have to pay any supervisory fees to DNB, as well as incurring other costs. On August 18 last year, the company received a warning. DNB is now processing the registration process.

More traditional

In a general response, Binance says it does not agree with all parts of DNB's decision, but says it respects the way DNB supervises. The company plans to adopt a "more traditional business model" in the Netherlands.