The central bank of The Netherlands, De Nederlandsche Bank (DNB), recently fined Crypto.com for operating without registration for over two years. The fine, imposed in October but announced on March 13, amounted to 2.85 million euros ($3 million at the time). The reason for the delayed announcement remains unclear.

Crypto.com, also known as Foris DAX MT, provided crypto services without proper registration from May 21, 2020, to at least Nov. 8, 2022. The DNB introduced registration requirements on May 21, 2020, under the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act.

The base fine amount was 2 million euros, but it was increased due to the severity of the violation and culpability, according to the DNB. Despite having a significant number of customers, Crypto.com failed to report unusual transactions to the Financial Intelligence Unit-Netherlands due to its lack of registration.

Crypto.com filed an objection to the DNB decision on Oct. 9, and the company received registration in The Netherlands in July 2023. A DNB spokesman confirmed that Dutch users were legally allowed to use the exchange even during its illegal operation.

The DNB required crypto service providers to register in April 2022. Binance, another platform, was fined 3.3 million euros for operating without registration after receiving a warning in August 2021. Binance subsequently announced its cessation of operations in The Netherlands in June 2022 after unsuccessful attempts at registration.

Currently, there are 41 registered crypto service providers in The Netherlands. For more news and updates on cryptocurrencies and finance, visit Global Crypto News.

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