Armstrong Coinbase, the US’s largest cryptocurrency exchange, has been fined in the Netherlands $3.6 million for failure to register.
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Coinbase Fined For Failure to Register
Although the exchange is looking to file an objection to the fine, as a penalty for offering digital assets services to the citizens of the Netherlands, the apex bank of the country has penalized Coinbase, as per the recent report.
In the Netherlands, it is required that crypto service providers are meant to register under terrorist financing and anti-money laundering norms, however, Coinbase prior to its commencement of offering its services to the people of the country failed to comply with this law which resultant led to the exchange being fined a sum of $3.6 million.
“The base amount [of the fine] has been increased due to the severity and degree of culpability of the noncompliance,” the Dutch central bank said, furthering that it had as well taken into consideration, the scale of Coinbase’s Dutch customer base and the competitive advantage the Coinbase has gained by not paying supervisory fees.
Brian Armstrong’s crypto exchange has until March to file an objection to the penalty, and according to Coindesk, Coinbase has vowed to dispute the fine.
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