Coinbase Fined $3.6 Million by Central Bank of the Netherlands for Lack of Registration

De Nederlandsche Bank (DNB), the central bank of the Netherlands, has fined Coinbase 3.3 million euros ($3.6 million) for failing to comply with local regulations for financial service providers, according to a Reuters report on Feb. 26. January

The report states that Coinbase has failed to complete the necessary registrations to offer services in the Netherlands. Before starting operations in the country, DNB said it took into account Coinbase’s size as a company and the fact that it has “Many customers in the Netherlands”

Authorities claim that Coinbase did not comply with registration. In the period between November 2020 and August 2022

In December 2022, DNB targeted cryptocurrency exchange KuCoin. It said it operated without a license. Therefore, it is illegal to provide the service. And back in 2021, the company targeted Binance Holdings Limited with similar allegations.

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