sincerem
VIP Contributor
Binance was recently fined $3.3m operating illegally in Netherlands. The country's central bank deemed it's operation as illegal, since they failed to obtain regulatory approval as a registered company in Netherlands. The fine was carried out by the Netherlands central bank (DNB), which stated that binance is offering cryptocurrency services to wide range of users in the country without obtaining an approval, which led to their penalty.
Dutch central bank (DNB) said, any company offering cryptocurrency services are meant to follow due process to register with them and stay in compliance of it's 'money laundering and terrorist financial prevention act. According to the Netherlands bank (DNB), binance penalty carried a hefty fee due prolonged violations by the cryptocurrency exchange ( binance). They've been found guilty since May 2020, but they failed to comply with their own wrongdoings. The bank (DNB) went on to say, binance later complied after some period of time, and the fine was reduced by 5% for them.
At this time, their is no concrete information as to whether, binance have cleared the fine laboured on them. It might have been settled privately with the bank of Netherlands and not making it publicly.
Dutch central bank (DNB) said, any company offering cryptocurrency services are meant to follow due process to register with them and stay in compliance of it's 'money laundering and terrorist financial prevention act. According to the Netherlands bank (DNB), binance penalty carried a hefty fee due prolonged violations by the cryptocurrency exchange ( binance). They've been found guilty since May 2020, but they failed to comply with their own wrongdoings. The bank (DNB) went on to say, binance later complied after some period of time, and the fine was reduced by 5% for them.
At this time, their is no concrete information as to whether, binance have cleared the fine laboured on them. It might have been settled privately with the bank of Netherlands and not making it publicly.
