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The Dutch central bank has fined Crypto.com for $3m, saying the company severely violated compliance requirements.
The Dutch central bank, De Nederlandsche Bank (DNB), has imposed an administrative fine of €2,850,000 (around $3.1 million) on Foris DAX MT, a parent company of <a href="https://crypto.news/tag/crypto.com/" target="_blank" rel="noopener noreferrer nofollow">Crypto.com</a>, saying the company violated the local anti-money laundering rules and anti-terrorist financing act.
According to a <a href="https://www.dnb.nl/en/sector-news/enforcement-measures-2024/fine-for-foris-dax-mt-limited-crypto-com-for-having-provided-crypto-services-without-the-required-registration-until-2-august-2023/" target="_blank" rel="noopener noreferrer nofollow">press release</a> on Mar. 13, companies providing crypto services in the Netherlands are required to register with DNB under the anti-terrorist financing act. Failure to comply with this requirement carries penalties. DNB categorized Foris DAX MT’s violation as falling under a category 3 fine due to the “severity and duration of the non-compliance,” which persisted from late May 2020 until at least early November 2022.
In response to the fine, a spokesperson from Crypto.com expressed disappointment, highlighting in a commentary with crypto.news that the incident was rectified in the past and does not impact ongoing operations or services.
<blockquote class="wp-block-quote">
 “We are disappointed and disagree with DNB’s decision to fine Foris DAX MT and are actively appealing this decision. Moreover, we have already addressed the concerns raised in a timely and transparent manner and received regulatory approval from DNB as a crypto service provider in July last year.”
 A spokesperson for Crypto.com
</blockquote>
You might also like: <a href="https://crypto.news/crypto-com-gets-registration-approval-in-the-netherlands/" rel="noopener noreferrer nofollow"> Crypto.com gets registration approval in the Netherlands </a>
Crypto.com affirmed its intention to collaborate with DNB and regulatory bodies globally. This fine marks the latest instance of the Dutch central bank penalizing a crypto company with a six-figure fine.
In April 2022, the regulator fined crypto exchange <a href="https://crypto.news/tag/binance/" target="_blank" rel="noopener noreferrer nofollow">Binance</a> $3.3 million for operating in the country without registration. Despite Binance’s initial assertion to customers that it was working towards obtaining a virtual asset service provider (VASP) license from DNB, the exchange eventually <a href="https://crypto.news/binance-to-exit-netherlands-after-failing-to-obtain-registration/" target="_blank" rel="noopener noreferrer nofollow">exited</a> the Netherlands market in July 2023. Similarly, in January 2023, DNB also <a href="https://www.bloomberg.com/news/articles/2023-01-26/coinbase-fined-in-netherlands-for-operating-without-registration" target="_blank" rel="noopener noreferrer nofollow">imposed</a> an administrative fine of €3.33 million on <a href="https://crypto.news/tag/coinbase/" target="_blank" rel="noopener noreferrer nofollow">Coinbase</a> Europe for conducting operations in the country without registering with the monetary authority.
Read more: <a href="https://crypto.news/dutch-central-bank-says-kucoin-operates-illegally/" rel="noopener noreferrer nofollow"> Dutch central bank says KuCoin operates illegally </a>

Crypto.com ‘disappointed’ over $3m fine by Dutch central bank, plans to appeal

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