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Dutch central bank fines Crypto.com for breaching rules

Published 03/13/2024, 07:04 AM
Updated 03/13/2024, 07:05 AM

AMSTERDAM (Reuters) - The Dutch central bank said on Wednesday it had fined virtual assets exchange Crypto.com 2.85 million euros ($3.11 million) for offering its services in the Netherlands without proper registration.

Companies wishing to provide crypto services in the Netherlands are required to register with the central bank (DNB) under Dutch laws meant to counter money laundering and the financing of terrorist organisations.

The DNB said it had issued a relatively large fine to Crypto.com, as it had many customers in the Netherlands and had enjoyed a competitive advantage by not paying supervisory fees to the central bank and by not incurring other compliance costs.

The central bank imposed the fine in October, but had not previously published the decision.

Crypto.com has been emailed to seek a comment.

($1 = 0.9152 euros)

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