• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Is The Approval Of Crypto ETFs At Risk? SEC Operations Frozen By Gov. Shutdown
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Is The Approval Of Crypto ETFs At Risk? SEC Operations Frozen By Gov. Shutdown
crypto.com, crypto regulation, Bitcoin, BTC

Crypto Exchange Fined $3.1M By Dutch Central Bank For “Non-Compliance”

Rubmar Garcia
by Rubmar Garcia
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

De Nederlandsche Bank (DNB) revealed it imposed an administrative fine on centralized exchange Crypto.com after it allegedly operated and provided crypto services illegally for over two years in the Netherlands.

Related Reading: European Crypto Exchange Obtains In-Principle License Approval In Singapore

Crypto.com Fined For Providing Unregistered Services

The Dutch Central Bank fined Foris DAX MT Limited (DAX MT), known as ‘Crypto.com,’ over “non-compliance” with the country’s law. DAX MT operated unregistered in the Netherlands and offered crypto services for over two years.

Fine for Foris DAX MT Limited (https://t.co/GpTkySLssK) for providing crypto services without the required registration.https://t.co/qCNBA6iW5H

— De Nederlandsche Bank (@DNB_NL) March 13, 2024

Companies must register with the DNB under the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act (Wwft) to be authorized to offer crypto services in the Netherlands.

The DNB found the exchange punishable for over two years of operations without registration. As the official document read:

Violations found given the aforementioned investigation, in conjunction with the legal framework, DNB finds the following.

DNB finds that since 21 May 2020 until at least 8 November 2022 DAX MT has been in breach of Section 23b(1) and (2) and Section 23c(3) of the Wwft by offering professional or business services for the exchange of virtual currencies without registration with DNB in the Netherlands to offer professional or business services for the exchange between virtual currency and fiduciary currency and the offering of custody wallets.

As a result, the Dutch Central Bank categorized the exchange’s “non-compliance with Wwft” as a Category 3 fine. This fine has a base amount of €2 million ($2.17 million), which can be reduced to €0 or increased to a maximum of €4 million ($4.35 million).

Fine Raised To $3.1 Million For Its “Severity”

DNB considers the “severity and degree of culpability of the non-compliance” enough to raise the fine from the base amount to €2.85 million ($3.1 million). For the increase, the Dutch Central Bank considered the exchange’s substantial reach in the Netherlands, as many customers use its services.

Additionally, it was considered that DAX MT enjoyed a considerable competitive advantage over its registered competitors as it didn’t have to pay “any supervisory fees to DNB or incur any other costs for compliance with the Wwft.”

The severity of the “non-compliance” argument is determined by the prolonged period it persisted over. Moreover, the DNB considers that the fine’s increase shouldn’t be moderated based on the exchange’s “carrying capacity”:

DAX MT has not pleaded limited ability to pay, also otherwise, there is no evidence of limited ability to pay. DNB therefore sees no reason to moderate the amount of the fine based on step 8 (carrying capacity) of the roadmap.

This isn’t the Dutch Central Bank’s first rodeo with administrative fines. After introducing the registration requirement for crypto service providers in May 2020, the DNB fined several crypto exchanges for operating unregistered in the Netherlands.

Coinbase and Binance previously received fines of over €3 million for their unauthorized services. Ultimately, Binance ceased all operations in the Netherlands after failing to obtain registration approval by the DNB, while Coinbase gained its regulatory approval in September of 2022.

Similarly, Crypto.com obtained its DNB registration in July 2023, officially joining the centralized exchanges authorized to operate in the country. Despite this, the exchange must face the imposed administrative fine for the period it operated before the authorization.

Related Reading: Crypto.com Soars With UK Regulatory Approval, Introduces New Product Offering As Authorized EMI

CRO, CROUSDT, Crypto

Crypto.com Coin Trading at $0.1524 in the hourly chart. Source: CROUSDT on TradingView.com
Featured image from Unsplash.com, Chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Rubmar Garcia

Rubmar Garcia

Follow

Rubmar is a crypto enthusiast who likes learning and improving constantly. She enjoys reporting on the latest news and developments in the crypto industry. Rubmar also enjoys scrapbooking, crafting, simulation games, and watching football.

Full Profile

Related Posts

Bitcoin

Blockchain Earnings Take A Dip — 16% Drop In Just 1 Month: Report

14 hours ago
FTX

FTX’s Sam Bankman-Fried Calls Handing Firm Over To New CEO ‘His Biggest Mistake’ — Details

23 hours ago
crypto

Crypto Meets Retail: Walmart-Linked Fintech Expands Into Digital Assets

1 day ago
crypto, crypto exchange, Bitcoin, FTX

Crypto Oversight Concerns: State Regulators Warn Market Structure Bill May Hinder Anti-Fraud Protections

2 days ago
Japan

Crypto In Japan May Soon Open Wider As Holdings Giant Pushes Expansion

2 days ago
Grok Predicts Dogecoin Price: Is Maxi Doge the Next 1000x Crypto to Explode?

Grok Predicts Dogecoin Price: Is Maxi Doge the Next 1000x Crypto to Explode?

2 days ago

Premium Sponsors

Press Releases

  • The Quiet Market Shift Investors Might Be Missing: How Tapzi Is Challenging Institutional Favorites

    The Quiet Market Shift Investors Might Be Missing: How...

    3 days ago
  • Investors Search for Long-Term Upside in This Under-$0.01 Crypto of 2025 Tapzi

    Investors Search for Long-Term Upside in This Under-$0.01...

    3 days ago
  • MoonBull Presale Explodes with over 11,800% Projected ROI as Uptober Sends the Market Soaring

    MoonBull Presale Explodes with over 11,800% Projected ROI...

    3 days ago
  • 狗狗幣引領『Uptober』Meme...

    3 days ago
  • ตัวละคร Snorter ขนฟูโต้คลื่นบนเซิร์ฟบอร์ดสีชมพู

    จับตา Uptober!...

    4 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.