The central bank of the Netherlands applied a bigger penalty to Binance due to the platform’s large trading volumes and a long period of violations.
Major global cryptocurrency exchange Binance is facing a penalty in the Netherlands after failing to obtain regulatory approval to operate in the country.
The increased penalty was also due to prolonged violations by Binance, the DNB stated. According to the bank, the violations occurred from May 2020 — when the— until the bank closed the investigation in December 2021. “DNB, therefore, considers these violations to be very serious,” the regulator noted.
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