Crypto.com, a popular cryptocurrency service provider, has been fined $3.1 million by the Dutch central bank, De Nederlandsche Bank (DNB), for violating local anti-money laundering rules and the anti-terrorist financing act. Companies providing crypto services in the Netherlands are required to register with DNB under the anti-terrorist financing act. Failure to comply with this requirement carries penalties. The violation persisted from late May 2020 until at least early November 2022, which led to DNB categorizing the violation as a category 3 fine due to the severity and duration of the non-compliance.

Crypto.com expressed disappointment at the fine, highlighting in a commentary with Global Crypto News that the incident was rectified in the past and does not impact ongoing operations or services. A spokesperson for the company affirmed its intention to collaborate with DNB and regulatory bodies globally. However, this is not the first time that DNB has penalized a crypto company with a six-figure fine. Binance was fined $3.3 million for operating in the country without registration, and Coinbase Europe was fined €3.33 million for conducting operations in the country without registering with the monetary authority.

Companies providing crypto services in the Netherlands should register with DNB under the anti-terrorist financing act to avoid penalties. Crypto.com is appealing the decision and remains committed to collaborating with DNB and regulatory bodies globally. For more news on cryptocurrencies, investing, and finance, explore Global Crypto News.

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