Binance Fined $3.4 million for operating illegally by
Dutch central bank.
The regulator had warned last year that Binance was offering its services in the Netherlands without authorization.
Binance, the world’s largest cryptocurrency exchange, on Monday was slapped with a 3.3M Euro ($3.4M) fine from the Dutch central bank.
The company was dealt a category 3 fine — the most stringent of DNB’s three levels of enforcement.
The Central Bank said, The breach took place over a “prolonged period”, spanning from May 21, 2020, until at least Dec. 1, 2021.
Binance is the biggest crypto exchange globally, with daily spot trading volumes of $15.5B, according to CoinGecko data.
The Company is hoping to put the squabble behind it as it pursues its Dutch license, A Binance spokesperson said.
“Today’s decision marks a long-awaited pivot in our ongoing collaboration with the Dutch Central Bank,” the spokesperson said via email.