Binance is the largest exchange to date, but is not everywhere it provides services legally registered. One of the countries where this was not the case for a long time was the Netherlands.
Binance never really got into trouble because of this, until now. The Nederlandsche Bank – DNB is now fining Binance up to €3.3 million for offering crypto services without the legally required registration. Binance does not agree with this fine and is therefore defending itself in court.
Fine for Binance
The fine that Binance has received is not entirely unexpected. The Dutch Central Bank has opened the hunt for illegal and unlawful crypto practices. One of these, is technically Binance. Binance is not registered with DNB, something that is required if you want to offer crypto services in the Netherlands.
To be precise, the fine that Binance will have to pay is €3,325,000. Although this doesn’t hit the company very hard, it is still a setback. That is why Binance is appealing the decision. Binance has a daily trading volume of over $20 billion and according to DNB an exchange of this size should know better.
No worries for Binancians or people who use the exchange! In the Netherlands you can still continue to trade crypto through Binance. There are no restrictions when an exchange is not registered with DNB. However, because of this you cannot deposit your money directly on the exchange, or send it directly from the exchange to your bank. You only can do this through an exchange which is registered with DNB.