De Nederlandsche Bank fined Binance $3.4 M in the country for offering services while not being registered. A statement by the regulator says Binance took advantage of not paying taxes to the bank and escaping regulation payments. The authority says Binance had been violating the rules for a while, more precisely from May 2020.
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The Bank noted that Binance is the largest provider of crypto services in the globe and its trading volume is around $13.7 bln. It has a large number of users in the Netherlands too.
The Bank views these violations as very serious ones. However, the regulator took into account the fact that Binance filed for registration and has been transparent about its business during the process, and has decreased the fine by 5%. Currently, DNB is assessing Binance’s request.