Cryptocurrency exchange Coinbase has been fined $3.6 million by the Dutch central bank for offering crypto services to customers in the country without registering.
According to Dutch law, crypto providers are required to register under anti-money laundering and terrorist financing norms.
The Dutch central bank said that the fine was increased due to the severity and degree of culpability of the non-compliance, and also took into account the scale of Coinbase’s Dutch customer base and the competitive advantage it had gained by not paying supervisory fees.
Coinbase has until March 2 to object to the administrative fine and has stated that it disagrees with the enforcement order and is “carefully considering the objections and appeals process.”
A Coinbase spokesperson also added that the order was based on the time it took for Coinbase to obtain their registration in the Netherlands and includes no criticism of their actual services and that Coinbase is committed to compliance in all jurisdictions in which it operates and will continue to provide safe, trusted services to new and existing Dutch customers.
