In April 2022, the De Nederlandsche Bank (Dutch Central Bank) imposed an administrative fine of €3,325,000 ($3,395,822.50) on Binance Holdings Ltd. for providing crypto services in the Netherlands without fulfilling the DNB’s registration requirements. With a daily trading volume of $13.7 billion, Binance is the largest provider of crypto services in the world.
Since May 2020, the Dutch AML/CFT law has made it mandatory for crypto service providers to register with the DNB because of the associated ML/TF risk arising from anonymous transactions. The fine on Binance is higher than the baseline amount of €2,000,000 ($2,042,600) because of the seriousness of the violations. Moreover, the violations occurred over a long period of time, from May 2020 to December 2021. Still, the DNB reduced the fine by 5% since Binance finally submitted a registration application that is currently being processed.
Notably, Binance raised objections against the fine in June 2022.
Source: De Nederlandsche Bank (DNB)