Dutch central bank De Nederlandsche Bank (DNB) fined crypto exchange Coinbase 3.3 million euros ($3.6 million) today for failing to comply with local regulations, Reuters reported. for financial service providers.
The platform reportedly failed to obtain the necessary registration to offer services in the Netherlands before starting operations in the country. DNB said it took into consideration Coinbase’s size as a company and the “significant number of customers in the Netherlands.”
Authorities allege that Coinbase was non-compliant between November 2020 and August 2022.
Last December 2022, the DNB targeted the crypto exchange KuCoin, claiming that it too was operating without a license, offering services illegally.
In 2021 it was the turn of Binance Holdings Limited, which fell under the ax with similar allegations, for which the exchange paid more than 3 million euros in fines due to the violations.
Related: Coinbase CEO Urges Brazil and Argentina to Make Bitcoin Legal Tender
Since the beginning of the year, Coinbase has been in the news for numerous reasons related to its business operations.
On January 10, it announced it would cut 20% of its workforce due to an operational restructuring. On the same day, the brother of the former crypto exchange manager was sentenced to 10 months in prison for inside trading, marking the first known case of its nature in the industry.
A week later, on Jan. 18, Coinbase announced it will halt its operations in Japan due to the effects of the bear market crash.
Despite the platform’s less than desirable developments, in the same period it closed its doors in Japan, Coinbase shares were reported to have soared 69% from their all-time lows.
Lastly, Cathie Wood’s ARK Investment has added $17.6 million in Coinbase stock since the beginning of the year.
