Breaking: Coinbase fined $3.6M in the Netherlands

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United States-based crypto exchange Coinbase is fined 3.3 million euros ($3.6 million) by the Dutch central bank for the lack of registration.

Breaking: Coinbase fined $3.6M in the Netherlands

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De Nederlandsche Bank (DNB), the Dutch central Bank, fined cryptocurrency exchange Coinbase 3.3 million euros ($3.6 million), due to non-compliance with local regulations for financial service providers, according to a Reuters report on Jan 26. 

The exchange reportedly failed to obtain the necessary registration to offer services in the Netherlands prior to beginning operations in the country. The DNB said it took into consideration the size of Coinbase as a company and the fact that it has a “significant number of customers in the Netherlands.”

The authorities claimed Coinbase was non-compliant during the time period between November 2020 and August 2022.

This story is still developing and will be updated when more information is available.