A Dutch central bank fines Crypto.com for violating registration regulations

The bitcoin exchange objected to the penalties, but continued to register and operate in the Netherlands. Crypto.com had an advantage over its competitors since it did not have to pay any supervisory or compliance fees. Crypto.com had a “significant number” of customers at the time, and “DAX MT was unable to report unusual transactions to the Financial Intelligence Unit-Netherlands during the period of non-compliance” due to a lack of registration. On October 9, Crypto.com filed an objection to the DNB’s decision.

Crypto.com was granted registration in the Netherlands in July 2023. According to a spokeswoman for the exchange, the fee is for a historical event that has been resolved and has no influence on their current operations or services.  We have already responded to the concerns made in a timely and transparent manner.

The DNB implemented registration rules for crypto service providers in April 2022; Binance was fined 3.3 million euros ($3.5 million at the time) for operating without registration following a warning from the DNB in August 2021. Binance said that it would discontinue operations in the Netherlands in June 2022 following a failed registration attempt. There are presently 41 registered cryptocurrency service providers in the Netherlands.