De Nederlandsche Bank(DNB) imposed a €3.32m ($3.6m) fine on American cryptocurrency exchange Coinbase for the lack of proper registration until 22 September 2022. The financial institution found that Coinbase violated the rules from November 2020 to August 2022 and was not allowed to offer its services in the Netherlands.
The DNB Commission conducted an investigation which showed that when Coinbase began its activities, it did not comply with local regulations applicable to all financial services providers. Only later did it receive permission from the supervisory authorities.
The DNB took into account the size and number of customers affected by this decision, as well as the fact that Coinbase was providing digital asset-related services without authorisation before receiving approval. So far, there have been no comments from Coinbase on this issue, despite the fact that they have previously stated that they are ready to cooperate with regulators of leading countries and are largely focused on expanding their activities in EU countries.
