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March 13, 2024: 8:21 am ET

Crypto.com Lands €2.9 Million AML Penalty in the Netherlands

The Dutch central bank on Wednesday disclosed a €2.9 million penalty against the cryptocurrency exchange Crypto.com for serving customers in the Netherlands without the necessary authorization.

In a 36-page notice, De Nederlandsche Bank, or DNB, said that the Singapore-headquartered platform incurred the fine in October for violating a requirement to register for anti-money laundering purposes from May 2020 to November 2022, despite several warnings.

The regulator noted that Crypto.com’s violations were “so serious and culpable” that it raised the penalty, which has a base amount of €2 million, by €850,000.

Cryptocurrency platforms seeking to operate in the Netherlands have been required to register with DNB since May 2020. DNB fined two other major cryptocurrency exchanges, Binance and Coinbase, each €3.3 million, in July 2022 and January 2023 respectively, for similar breaches.

 

Moneylaundering.com may update this coverage as more information becomes available.
Topics : Anti-money laundering , Cryptocurrencies
Source: Netherlands
Document Date: March 13, 2024