De Nederlandsche Bank (DNB), the Dutch central bank, has slapped Crypto.com with a hefty fine of $3.1 million for serious breaches of compliance regulations.
The fine was imposed on Foris DAX MT, the parent company of Crypto.com, for violating local anti-money laundering laws and the anti-terrorist financing act. According to a recent press release, companies offering crypto services in the Netherlands must register with DNB under the anti-terrorist financing act. Failure to comply with this requirement results in penalties. DNB classified Foris DAX MT’s violation as a category 3 offense due to the severity and duration of the non-compliance, which lasted from late May 2020 to early November 2022.
In response to the fine, a spokesperson from Crypto.com expressed disappointment, stating that the issue had been resolved in the past and would not impact current operations or services. Crypto.com reiterated its commitment to working closely with DNB and regulatory authorities worldwide. This fine is the latest in a series of penalties imposed by the Dutch central bank on crypto companies, with Binance being fined $3.3 million in April 2022 for operating in the country without registration. Despite Binance’s initial claims that it was seeking a license from DNB, the exchange eventually withdrew from the Dutch market in July 2023. Similarly, Coinbase Europe was fined €3.33 million in January 2023 for operating in the country without registering with the monetary authority.
This latest development underscores the Dutch central bank’s strict enforcement of regulations on crypto companies operating in the country.