Binance fined €3,300,000 for unauthorized operations in the Netherlands

The summer of 2022 can hardly be called successful for the cryptocurrency exchange Binance.

What we know

In early June, the exchange was at the center of two scandals. Firstly, it was accused of money laundering. Second, the U.S. Securities and Exchange Commission began to suspect Binance in violation of digital currency regulations.

This time Binance got into trouble in the Netherlands. The country's central bank said the platform violated rules for companies that deal in digital assets. Since May 21, 2020, the exchange provided services in the Netherlands without being registered in there.

Binance was fined €2,000,000 for violating the Anti-Money Laundering and Terrorist Financing Act in April 2022. But as a result of the length of the violation and the volume of turnover (almost $14,000,000,000 a day), the fine was increased to €3,300,000.

Binance does not confirm the payment of the fine, but also does not deny. The only thing we know is that the company tried to appeal the decision in early June.

Source: DNB