Coinbase was allegedly not adhering to compliance rules between November 2020 and “at least” August 2022. The firm finally got a proper registration on September 22, 2022.
The current imposition of fines comes at a very difficult time as Coinbase has been facing multiple issues for the past few months.
The Dutch Central Bank imposed a hefty fine of $3.6 million on the US Crypto exchange, Coinbase, for failing to get the legally appropriate registration prior to engaging in offering services in the Netherlands.
The De Nederlandsche Bank (DNB) fined the crypto firm for its failure to comply with the local regulations for financial matters.
The DNB said that it kept in mind the size of Coinbase as an organisation while saying that the firm has a “significant number of customers in the Netherlands.”
Coinbase expressed its disagreement to the move and said that the current imposition of the fine does not include any criticism of their actual services, reported Reuters. It is planning to file an appeal.
