The Dutch central bank has fined cryptocurrency exchange Binance €3.3 million for operating in the country without a legally required registration.
It says that the cryptocurrency exchange has been operating in the country without a legally required registration with the central bank authority.
"Binance has a very large number of customers in the Netherlands," the bank, which is known as DNB, said in the statement."In addition, Binance has enjoyed a competitive advantage because it has not paid any levies to DNB and has not had to incur other costs in connection with ongoing supervision by DNB."
A Binance representative confirmed that it's currently applying for registration as a crypto service provider through Binance Nederland BV, a locally-established entity.
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