The Dutch Central Bank (DNB) fined crypto exchange Coinbase 3.3 million euros for unregistered transactions prior to its registration in September.
The Dutch Central Bank (DNB) granted a regulatory license to crypto exchange Coinbase in September last year. Thanks to this license, the exchange gained the right to legally operate its services in the country. However, DNB fined the exchange on the grounds that it provided unregistered service in the processes prior to September. DNB has imposed a 3.3 million euro sanction on Coinbase.
Dutch Central Bank Didn’t Pity Coinbase
The Dutch Central Bank (DNB) has fined 3.3 million euros, citing violations by crypto exchange Coinbase.
The violations noted by the DNB took place over a long period of time. This period covers the period between 15 November 2020 and 24 August 2022. Coinbase obtained a regulatory license in September of last year. In other words, the stock market faced penalties due to the processes before obtaining a license.
Coinbase gained a competitive advantage in the market as it did not pay any taxes on DNB and did not face any other costly issues with ongoing auditing.
In addition, the exchange has 1 week to appeal the decision.