The cryptocurrency trading platform Binance accepted the sanction of 3.3 million euros imposed by the Central Bank of the Netherlands, for having operated for almost two years without the corresponding permits in the country, and stated that it will continue to search for a way to operate in that European region.
“The decision marks a long-awaited development in our ongoing collaboration with the Dutch Central Bank”“While we do not share the same opinion on all aspects of the decision, we deeply respect the authority and professionalism of Dutch regulators to enforce regulations as they see fit,” Binance said in a statement.
In the opinion of the platform, “with that now resolved, we can continue looking for a more traditional operating model in the Netherlands.”
In this regard, he indicated that “Binance has already reached an important milestone in meeting Dutch regulatory requirements by applying for registration as a cryptocurrency service provider, through a locally established entity, Binance Nederland BV.”
He also stressed that “this was a crucial step as Binance continues to mature and expand in Europe as a more traditionally regulated fintech”.
This is the result of Binance’s more proactive engagement strategy with global regulators, which has also driven recent approvals in stringent regulatory environments such as France, Italy, and Spain in recent months.
The Dutch body fined the firm for failing to comply with the obligation to register its activity, a necessary step to prevent crimes of money laundering and financing of terrorism, according to the Europa Press news agency, citing a statement from the monetary authority.
The registration obligation for crypto service providers was introduced on May 21, 2020 in the Netherlands, as crypto services pose a high risk of money laundering or terrorist financing.
