The Dutch central bank (DNB) has fined U.S.-based cryptocurrency exchange Coinbase €3.3 million (US$3.6 million) for failing to obtain the required registration before offering their services in the Netherlands.



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Fast facts




The DNB said that Coinbase was not compliant with local rules from Nov. 15, 2020. The exchange successfully obtained the appropriate registration on Sept. 22, 2022.



DNB said that “a large number of unusual transactions may have gone unnoticed by the investigative authorities” while the exchange wasn’t registered.



Coinbase told crypto news outlet Decrypt that it disagreed with the DNB’s decision and it is considering an appeal. The exchange has until March 2 to do so.



Crypto service providers in the Netherlands have been required to register as money transmitters under the country’s anti-money laundering rules since May 2020.



Back in July, the DNB also fined the world’s largest exchange, Binance €3.3 million euros (US$3.6 million) for offering cryptocurrency-related services without the appropriate registration.



Coinbase stock (COIN) price on the Nasdaq was up 2.16% to US$53.19 during pre-market trading on Thursday.




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