Dutch central bank fines cryptocurrency exchange Coinbase 3.3 mln euros

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 providers.

The superb mirrors one handed to Coinbase rival Binance in July.

Coinbase stated it disagreed with the DNB’s determination, which it stated “consists of no criticism of our precise providers” and was contemplating an attraction.

Cryptocurrency corporations working within the Netherlands have been obliged to register as cash transmitters below the nation’s anti-money laundering guidelines since Might 2020.

The DNB stated Coinbase was out of compliance between November 2020 and “not less than” August 2022, earlier than it efficiently registered on Sept. 22, 2022.

Throughout that interval “numerous 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 corporations and had a “important variety of prospects within the Netherlands”.

Coinbase has till March 2 to attraction.

($1 = 0.9156 euros)

Reporting by Toby Sterling; Modifying by David Goodman and Alex Richardson

Our Requirements: The Thomson Reuters Belief Ideas.