Dutch central bank imposes hefty $3m fine, prompts intention to appeal
The Dutch central bank, known as De Nederlandsche Bank (DNB), has fined Foris DAX MT, the parent company of Crypto.com, a total of €2,850,000 (approximately $3.1 million) for violating local anti-money laundering regulations and the anti-terrorist financing act. According to a press release on March 13, companies offering crypto services in the Netherlands are required to register with the DNB under the anti-terrorist financing act, and failure to comply results in penalties. The violation by Foris DAX MT was considered a category 3 offense due to the seriousness and duration of the non-compliance, which persisted from late May 2020 to at least early November 2022.
Crypto.com expressed disappointment with the fine but assured that the incident had been resolved in the past and would not affect its current operations or services. The company stated its commitment to working with the DNB and regulatory authorities worldwide. This is the latest case of the Dutch central bank penalizing a crypto company with a substantial fine. Previously, in April 2022, Binance, a crypto exchange, was fined $3.3 million for operating in the Netherlands without registration. Although Binance initially claimed to be working towards obtaining a virtual asset service provider license from the DNB, it eventually exited the Dutch market in July 2023. In January 2023, Coinbase Europe also faced an administrative fine of €3.33 million for conducting operations in the country without registering with the monetary authority.
Source: [Crypto.com fined $3m by Dutch central bank](https://www.theblockcrypto.com/linked/149473/crypto-com-fined-dutch-central-bank)
