In an official announcement today, the Central Bank of the Netherlands – De Nederlandsche Bank (DNB) has fined Binance $3.37 million for failing to complete the registration process under the Money Laundering and Terrorist Financing Prevention Act. The fine was originally 2 million euros but because Binance had “a very large number of customers” in the Netherlands, they decided to increase the fine to 3,325 million euros.
The world’s largest crypto exchange later also responded to this allegation. The Binance representative shared that the exchange is in the process of submitting an application to register and will try to work with De Nederlandsche Bank to meet their requirements. In the past, the Dutch central bank has accused Binance of illegal operations in August 2021 and warned locals, too. Binance Turkey was also fined 8 million Lira for non-compliance with laundering regulations. Since then, Binance seems to have improved in handling legal matters.
It could be said that the first 6 months of this year was a golden time for Binance to expand its business in other parts of the world. Binance was approved to operate in Abu Dhabi in April and also received licenses to be a crypto service provider in Dubai and Bahrain. In May, Binance continued to be licensed to operate in France and Italy. Most recently, Binance’s Spanish subsidiary, Moon Tech Spain, has been granted registration as a virtual asset services provider by the Spanish central bank
However, it seems that Binance is facing trouble when there is a lot of evidence showing significant weaknesses of the exchange in anti-money laundering and bypassing U.S. Sanctions and Served Crypto Traders in Iran.
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