US-based cryptocurrency exchange Coinbase has received a fine of EUR 3.3 million (USD 3.6 million) from the central bank of the Netherlands.
The Dutch central bank stated that the crypto exchange received a EUR 3.3 million (USD 3.6 million) fine due to not complying with Dutch regulations for financial services, as stated by Reuters on the 26th of January. De Nederlandsche Bank (DNB) is the central bank of the Netherlands.
Coinbase supposedly didn’t manage to secure the required registration to provide services in the Netherlands before the crypto exchange began its operations in the European country. According to DNB, prior to the fine, the bank took the size of the company into consideration and that it serves an important number of users in the Netherlands.
Coinbase was accused by authorities of not complying with local regulations between November 2020 and August of last year. Last December, the Dutch central bank accused crypto exchange KuCoin of a similar deed, operating without registration and providing services in an illegal way. In 2021, Binance received similar accusations and was fined EUR 3 million for its violations.
Since the start of 2023, Coinbase made the news headlines due to several reasons regarding its operations. On the 10th of January, Coinbase shared that it would terminate the contracts of 20 per cent of its employees due to restructuring.