Bank AI

April

Fine

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/dutch-regulator-imposes-fine-on-crypto-com-for-lack-of-registration" rel="noopener noreferrer nofollow">Dutch Regulator Imposes Fine on Crypto.com for Lack of Registration</a><br></p>
<p style="text-align: justify">The De Nederlandsche Bank (DNB), the central bank of the Netherlands, has imposed a significant fine on the <a href="https://en.bitcoinhaber.net/usdcs-remarkable-growth-in-the-crypto-market" rel="noopener noreferrer nofollow">cryptocurrency</a> exchange platform Crypto.com. The punitive measure, amounting to 2.85 million euros, was applied due to Crypto.com’s operations without a mandatory registration from May 2020 to November 2022. The fine was originally levied in October but has only recently been disclosed to the public, with no explanation for the timing or the reason for the delay in announcement.</p>
<h2 id="crypto-com-faces-regulatory-repercussions">Crypto.com Faces Regulatory Repercussions</h2>
<p style="text-align: justify">Crypto.com, operating under Foris DAX MT, was found to have provided crypto services in the Netherlands without fulfilling the registration requirements outlined by DNB on May 21, 2020. These regulations were enforced under the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act. The base fine for such an infringement was set at 2 million euros but was increased taking into account the severity and the company’s accountability in the infringement.</p>
<p style="text-align: justify">The unregistered operation allowed Crypto.com to evade regulatory fees and compliance costs, granting it an unfair edge over its competitors. During this period, Crypto.com serviced a vast customer base which, due to its non-compliance, could not report suspicious transactions to the Financial Intelligence Unit. Following the imposition of the fine, the Crypto.com team lodged an appeal on October 9.</p>
<h2 id="registration-and-compliance-in-the-dutch-crypto-space">Registration and Compliance in the Dutch Crypto Space</h2>
<p style="text-align: justify">It wasn’t until July 2023 that Crypto.com officially achieved registration status in the Netherlands. At that time, DNB acknowledged that while the platform’s previous operations were considered illegal, Dutch citizens were still within their rights to use the service. On March 13, a representative from Crypto.com stated that the fine pertained to a resolved issue and didn’t impact their current operations, emphasizing that the concerns raised were addressed promptly and transparently.</p>
<p style="text-align: justify">In a broader context, DNB has been active in regulating the cryptocurrency market, having implemented registration requirements in April 2022. <a href="https://en.bitcoinhaber.net/binance-pays-hefty-fine-as-ceo-steps-down-after-regulatory-rift" rel="noopener noreferrer nofollow">Binance</a>, another major cryptocurrency exchange, faced a similar fine of 3.3 million euros for operating without registration. After a failed attempt to register, Binance ceased its operations in the Netherlands in June 2022. At present, the country hosts 41 registered cryptocurrency service providers.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/dutch-regulator-imposes-fine-on-crypto-com-for-lack-of-registration" rel="noopener noreferrer nofollow">Dutch Regulator Imposes Fine on Crypto.com for Lack of Registration</a></h5>

Dutch Regulator Imposes Fine on Crypto.com for Lack of Registration

목차

BH NEWS

2024년 3월 13일에 게재된 다른 기사

Everyworld Web3 Discovery and Rewarded Ads Platform Launch Disrupts Advertising

Is Latin America Ready for the Crypto Economy?

Shiba Inu Burn Rate Suffers 99% Crash, What’s Behind It?

How to Find the Next 100x Altcoin Gem

Bitcoin (BTC) & Shiba Inu (SHIB) Bulls Drive Raffle Coin (RAFF) Presale, Predicting an Explosive ...

Soaring Toncoin Garners $15 Billion Market Cap as Investors Rally

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!