Binance imposed with $3.3 Million fine

Binance has been hit with fines by a Dutch regulator to the tune of $3.3M. The fines are for offering services to Netherland citizens without being properly registered.

The DNB or De Nederlandshe Bank recently fined Binance for not attaining a proper license for their services in the county. The violations are punishable by a third category fine which has a base amount of $2.03M. This amount was increased for the punishment towards Binance and there were a few reasons for the increase.

One of the reasons for the increase in fines was the fact that Binance is very large with customers worldwide and in the Netherlands.

Binance also neglected to pay any of the levies to DNB nor did it pay for the ongoing supervision by DNB. Due to an anti-money laundering and anti-terrorist funding regulation acts passed in May of 2020 Providers of Virtual Assets must be registered with the Dutch Central Bank. Binance was in direct violation of this requirement from May 2020 to December of 2021. This amount of time is also a reason for the increase in the fine amount.

This all comes after Binance was previously warned about  operating without a license back in August of 2021. At the time of this writing Binance has submitted a registration application and that is currently being assessed. The fine was imposed on April 25,2022 and Binance opposed it June 2,2022

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