Dutch central bank slaps Coinbase with $3.63 million administrative fine for providing crypto services without registration

The Dutch National Bank (DNB) announced that it imposed an administrative penalty of 3.325 million euros (approximately 3.63 million U.S. dollars) on Coinbase Europe Limited. The fine was imposed because it was illegal for Coinbase to provide crypto services in the Netherlands from November 15, 2020 to August 24, 2022 (the end date of the DNB inspection) without being registered with the DNB. Coinbase was registered on September 22, 2022, and the DNB reduced its penalty by 5%. The Dutch central bank has warned that companies wishing to offer crypto services in the Netherlands must register with the DNB in accordance with Dutch anti-money laundering and counter-terrorism financing laws.