Another bad news came from the Netherlands for the Coinbase exchange, which has recently severely reduced the number of its employees, terminated its activities in Japan, and even was fined $ 50 million by the US regulator New York Financial Services Department. The Dutch Central Bank (De Nederlandsche Bank) fined Coinbase 3.3 million euros for its regulatory shortcomings.
According to the information given by the news agency Reuters; Coinbase was unable to complete the compliance rules required to operate in the Netherlands, but nevertheless began operations. In the statement, it was written that this penalty was given considering the size of the Coinbase company and its appeal to a significant customer base in the Netherlands.
The institution also stated that the time period when the regulations are missing is between November 2020 and August 2022.
The reason for Coinbase’s penalty in New York was that customers’ KYC checks were not sufficient. In addition to the $ 50 million penalty payment, the exchange promised to spend $ 50 million on infrastructure.
The stock market also parted ways with 950 employees last week.
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