Dutch central bank reveals it fined Crypto.com for registration violations
The cryptocurrency exchange filed an objection to the fine, but went on to register and continue operating in The Netherlands.
De Nederlandsche Bank (DNB), the central bank of The Netherlands, fined Crypto.com for operating for over two years without registration. The fine was imposed in October, but announced on March 13. It is unclear why the move was not made public at the time or why it was announced now.
On Oct. 23, the DNB imposed a fine on Foris DAX MT, commercially known as Crypto.com, of 2.85 million euros ($3 million at the time) for providing crypto services without registration from May 21, 2020, to at least Nov. 8, 2022. May 21, 2020, was the date the DBN introduced registration requirements.
Crypto service providers are required to register under the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act. The base amount of the fine is 2 million euros, but that was increased due to the severity of the violation and the degree of culpability, the DNB said.
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