Leading crypto exchange Coinbase is facing a $3.6 million fine for allegedly operating in the Netherlands without legal registrations with De Nederlandsche Bank (DNB).

The Dutch regulator said on Jan. 26 that Coinbase’s operation in the Netherlands was illegal until Sept. 22, 2022. The exchange had failed to register with the DNB under the Dutch anti-money laundering and anti-terrorist financing act.

As a result, Coinbase may have failed to report unusual transactions that occurred on its platform to the financial intelligence unit.

The DBN said it would impose a €3.3 million ($3.6 million) fine on Coinbase for non-compliance with Dutch laws over the period of November 2020 and August 2022.

The regulator noted that the increased fine against Coinbase was relative to its large customer base and comparative advantage in the Netherlands.

Coinbase has until March 2 to object to the Dutch regulator’s fine and claims.

In related news, the New York State Department of Financial Services (NYDFS) fined Coinbase about $100 million over inadequate anti-money laundering measures.

The post Coinbase fined $3.6M for operating without registration in the Netherlands appeared first on CryptoSlate.

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