THE DUTCH central bank today (Wednesday) said it had fined virtual assets exchange Crypto.com €2.85 million ($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 De Nederlandsche Bank (DNB) under Dutch laws meant to counter money laundering and the financing of terrorist organisations.
The regulator said the violations were “so serious and culpable” that it raised the penalty, which has a base amount of €2 million, by €850,000.
DNB said it had issued a relatively large fine to Singapore-based 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.
In its 36-page notice, DNB said the fine was for violating a requirement to register for AML purposes from May 2020 to November 2022, despite several warnings.
The central bank imposed the fine in October, but had not previously published the decision.
Crypto.com has been emailed to seek a comment.
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