The Central Bank of the Netherlands fined the exchange Crypto.com for $3.1 million

The fine was imposed on the cryptocurrency platform, registered in the Netherlands as Foris DAX MT, on October 2, 2023. According to the DNB statement, in the period from May 2020 to November 2022 Crypto.com She provided unregistered services and violated legislation on combating money laundering and terrorist financing.

When determining the amount of the fine, DNB took into account the fact that DAX MT served a significant number of customers in the Netherlands, and also gained an illegal competitive advantage, since it did not pay any supervisory fees and did not incur other costs related to compliance with the law.

Foris DAX MT was given a deadline to file objections and eliminate the identified violations. However, the lawyers of the crypto exchange were unable to protect the interests of the company and reduce the amount of penalties.

Source: https://bits.media/tsb-niderlandov-oshtrafoval-birzhu-crypto-com-na-3-1-mln/