According to a Reuters report on January 26, the Dutch central bank has issued a €3.3 million ($3.6 million) fine to cryptocurrency exchange Coinbase for failing to comply with local regulations on financial services providers. fined.
Before starting operations in the Netherlands, Coinbase did not obtain the necessary registration to offer its services in the country. The Dutch central bank said it took into account Coinbase’s size as a company and the fact that it “has a significant number of customers in the Netherlands.”
Authorities say Coinbase violated the law between November 2020 and August 2022.
In December 2022, the Dutch central bank also pointed out that the cryptocurrency exchange Kucoin was operating without a license.
In 2021, it fined Binance Holdings over €3 million for similar violations.
Earlier this year, Coinbase has been in the news for a number of reasons related to its business operations.
On January 10, it announced that it would cut its workforce by 20% due to business restructuring. A week later, on January 18, Coinbase announced it was suspending operations in Japan due to the continued effects of a bear market slump in trading. In a not-so-favorable development for the exchange, Coinbase’s stock price surged 69% from its all-time low at the same time that it closed its doors in Japan.
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