The trading platform, which has until March to object to the measure, is currently considering an appeal against the move.De Nederlandsche Bank has imposed an administrative fine of €3,325,000 on Coinbase Europe Limited, on Jan. 18, 2023. An announcement explained the penalty with the exchange offering crypto services in the Netherlands in a past period without registering with the central bank.
The monetary authority further detailed that the base amount for this category of fines is €2 million while pointing out that the fine in case with Coinbase has been increased “due to the severity and degree of culpability of the non-compliance.” The Dutch central bank also highlighted that Coinbase operated without registration for a prolonged period of time, between mid-November, 2020 and late August, 2022, emphasizing it considers that a severe non-compliance.
The lack of registration meant that the global exchange was unable to report unusual transactions to the Dutch Financial Intelligence Unit during the said period and these transfers may have gone unnoticed by the investigative authorities, the bank insisted.
I just wish they won't get out lightly in this one. Coinbase has had a lot of issues in the past and they got out light of those ones. Remember all the lawsuits they've had? You don't hear about anything about it now...
Beware coinbase they have frozen my account and all assets for 5 days with no legitimate explanation. CoinbaseSupport is non existent. Meanwhile I watch my savings deplete by the second. brian_armstrong this company is a fraud
Coinbase's commitment to comply with regulations is admirable. Their resilience in pursing their appeal for a fair outcome is a HODL worthy move. BTC
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oh no. don’t tell me they’re going to file for bankruptcy too 😆
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Source: Reuters - 🏆 2. / 97 Read more »