Dutch Central Bank Fines Binance $3.4 Million: What You Need To Know

Dutch Central Bank Fines Binance $3.4 Million: What You Need To Know

The Dutch Central Bank has fined Binance BNB/USD 3.3 million Euros ($3.4 million). 

In a July 18 statement, De Nederlandsche Bank said it fined the world’s largest crypto exchange, Binance, 3.3 million euros for offering crypto services to Dutch people without authorization.

The initial fine was set to be 2 million Euros. Due to the large user base of Binance in Netherlands, it was increased to 3.3 million euros.

Initially being charged on April 25, Binance first opposed the fine. The exchange has now put in its registration request, which is to be evaluated by the De Nederlandsche Bank.

This news follows Binance being granted authorized approval to serve users in France.

As the bearish market downtrend continues, Binance will have to work within regulatory guidelines of all countries to continue its expansion.

See Also: Is Bitcoin A Good Investment in 2022?

Photo via Shutterstock. 

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