According to a statement made on Monday by the Dutch central bank, crypto exchange Binance has been penalized in the Netherlands for operating without the required registration.
De Nederlandsche Bank (DNB), which regulates the registration of crypto service providers, claimed to have fined Binance 3.3 million euros ($3.4 million) in April.
The DNB claimed that Binance had a competitive advantage over other companies because it did not have to pay fees to the central bank or the ongoing expenses related to DNB supervision.
Binance stated: “While we do not share the same view on every aspect of the decision, we deeply respect the authority and professionalism of Dutch regulators to enforce regulations as they see fit.”
According to the spokesperson, Binance has utilized a locally based organization called Binance Nederland BV to submit an application for registration as a crypto service provider.
The largest crypto exchange in the world is expanding into Europe at the same. It has received regulatory approval to provide cryptocurrency-related services in France, Italy, and Spain.