The Dutch Central Bank (DNB), Netherlands' central bank, has imposed a fine on Crypto.com, a cryptocurrency exchange, for operating without registration for over two years. While the fine was imposed in October, it was only announced on March 13, raising questions about the delay in disclosure.
On October 23, the DNB levied a fine of $3 million against Crypto.com for providing crypto services without registration in the Netherlands from May 21, 2020, until at least November 8, 2022. The requirement for registration was introduced by the DNB on May 21, 2020. Initially, the fine was set at $2 million, but it was increased due to the severity of the violation and the level of culpability. As of today, Crypto.com is required to pay a fine of $3.1 million.
But why do you need a registration? Simple, according to Dutch law aimed at combating money laundering and terrorist financing, crypto service providers must register with the central bank.