This was reported by DNB on Monday morning. Binance is the largest platform for buying and selling crypto coins with €13.7 billion in daily trading volume.
DNB calls the violation ‘serious’. The basic amount for the fine was increased because of ‘increased seriousness and culpability’.
Binance had already been warned: on August 18 last year, the Dutch regulator issued a public warning to the group, which announced today that it would appeal against the fine.
Companies that want to offer crypto services in the Netherlands must register with DNB in accordance with the Money Laundering and Terrorist Financing Prevention Act.
Chinese roots
The company, founded in 2017 by Changpeng Zhao, with a market value of $42.5 billion, also operates in Europe with a registration from the Cayman Islands.
Binance has since applied for a registration with DNB, which is a reason for the watchdog to reduce the fine by 5%.
Last year, Binance had to stop trading there by the British watchdog. It worked there without a license.
Binance initially operated in China, but moved its headquarters out of China after Beijing tightened regulations for cryptocurrencies.
Binance was investigated by both the US Department of Justice and the US tax authorities last year over allegations of money laundering and tax crimes.
The platform came in a bad light after it started sharing customer data, such as names and addresses, with the Russian government.
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