Coinbase fined $3.6 million!

The crypto stock market giant Coinbase has just been ordered to pay a fine of $3.6 million to the Dutch central bank. This punishment comes as a result of a failure to register. Why such a large fine?

The reasons for such a colossal fine

According to Dutch law, crypto providers must register in accordance with anti-money laundering standards. It also aims to have a right of scrutiny over people who try to finance terrorism. Coinbase falls under this sanction. Because its Dutch platform offers its crypto services to customers inside the country without any registration.

According to the Dutch central bank, the amount of this fine has been increased. This because of the seriousness and culpability of the non-compliance. The Organization also claims that it took into account the size of Coinbase’s Dutch customer base, as well as its competitive advantage. Indeed, Coinbase did not pay monitoring fees. Because until March 2, the cryptocurrency giant opposed the administrative fine.

Coinbase does not want to let it go

The Dutch subsidiary of Coinbase is not in agreement with this enforcement order. She also promises to carefully examine the objections in order to find a good appeal procedure. According to Coinbase, this order is based on the time it took him to register in the Netherlands. Moreover, she ignores any criticism of her actual services.

In addition, Coinbase promises to comply in all jurisdictions in which it operates. Moreover, it will continue to offer safe and trusted services to all Dutch customers, new and old. The facility thinks it shouldn’t be penalized for following the rules and engaging in this process.

This is certainly a case to watch, as the head of the Dutch central bank shows no mercy to all jurisdictions that cover bad actors in terms of cryptos.

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