De Nederlandsche Bank (DNB) revealed it imposed an administrative fine on centralized exchange Crypto.com after it allegedly operated and provided crypto services illegally for over two years in the Netherlands.

Crypto.com Fined For Providing Unregistered Services

The Dutch Central Bank fined Foris DAX MT Limited (DAX MT), known as ‘Crypto.com,’ over “non-compliance” with the country’s law. DAX MT operated unregistered in the Netherlands and offered crypto services for over two years.

Fine for Foris DAX MT Limited (https://t.co/GpTkySLssK) for providing crypto services without the required registration.https://t.co/qCNBA6iW5H

— De Nederlandsche Bank (@DNB_NL) March 13, 2024

Companies must register with the DNB under the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act (Wwft) to be authorized to offer crypto services in the Netherlands.

The DNB found the exchange punishable for over two years of operations without registration. As the official document read:

Violations found given the aforementioned investigation, in conjunction with the legal framework, DNB finds the following.

DNB finds that since 21 May 2020 until at least 8 November 2022 DAX MT has been in breach of Section 23b(1) and (2) and Section 23c(3) of the Wwft by offering professional or business services for the exchange of virtual currencies without registration with DNB in the Netherlands to offer professional or business services for the exchange between virtual cur

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Author: Rubmar Garcia

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