Finst

Dutch central bank seeks millions from Coinbase

The Dutch central bank (DNB) has fined Coinbase, a crypto exchange, Reuters reports.

By Luc Vesters
• 2 min read
Dutch central bank seeks millions from Coinbase

The Dutch central bank (DNB) has issued a fine to the crypto exchange Coinbase, Reuters reports.

According to the report, Coinbase must pay about €3.3 million in fines for not complying with local financial services regulations. Cryptocurrency firms active in the Netherlands have to register as money transmitters since May 2020, under anti-money laundering regulations.

DNB says Coinbase did not meet the rules between November 2020 and at least August 2022, before it registered on September 22, 2022. During this period, a large number of unusual transactions may have gone undetected by investigators, according to DNB. The central bank noted that Coinbase is one of the largest crypto companies and has a significant number of customers in the Netherlands, the bank said.

Coinbase commented on the allegations. According to the statement, the crypto exchange disagrees with the decision, which does not fault the actual services, and is considering appealing. Coinbase stock has risen in value in recent weeks. However, the crypto exchange was forced earlier this year to trim its headcount, the exchange said in a separate report.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.