The Dutch central bank has reportedly fined crypto exchange Binance ?3m for offering services without proper registration.
The fine was increased due to the seriousness of the breach of Dutch standards, according to a report from Financial Times. It claimed that Binance benefitted from a competitive advantage from not paying levies to the central bank and avoiding compliance costs.
However, the central bank stated the total fine was lowered due to Binance having applied for regulation.
In a statement to the Financial Times, it stated the regulatory rebuke was a ?long-awaited pivot in our ongoing collaboration with the Dutch central bank.p>
It added, ?While we do not share the same view on every aspect of the decision, we deeply respect the authority and professionalism of Dutch regulators to enforce regulations as they see fit,the exchange said, adding that it was now ?pursuing a more traditional operating model in the Netherlands.p>
Earlier in the year, Web3 and digital asset-focused venture capital firm Fundamental Labs invested $20m into cryptocurrency exchange Binance.
Copyright ? 2022 FinTech Global