TechFlow reported, according to Reuters, the Dutch Central Bank has fined cryptocurrency exchange Crypto.com 2.85 million euros (3.11 million US dollars) for providing services in the Netherlands without proper registration.
Dutch law requires companies wishing to offer cryptocurrency services in the Netherlands to register with the Dutch Central Bank (DNB) to combat money laundering and terrorist financing.
The central bank said the relatively large fine was imposed because Crypto.com had a significant number of customers in the Netherlands and gained a competitive advantage by not paying regulatory fees to the central bank or bearing other compliance costs. The fine was issued in October, but the decision was not previously disclosed.
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