Crypto.com has incurred a €2.85 million ($3.1 million) fine from the Netherlands Central Bank for operating within the European country without registration for two years. The penalty specifically targets Forix DAX Mt, the Dutch trading entity of Crypto.com.
In a March 13 statement, it was revealed that the Apex Bank imposed this fine on the crypto trading platform in October 2023. However, the exchange objected to the fine during that same period.
Why was Crypto.com fined?
Dutch regulations require crypto firms to register with De Nederlandsche Bank (DNB) under the Anti-money Laundering and Anti-Terrorist Financing Act for operations within the country.
However, despite operating in the country, Crypto.com had failed to register with the authorities for an extended period.
DNB stated that the extent of this noncompliance was severe, prompting a fine exceeding the base amount of €2 million. The regulator highlighted Crypto.com’s substantial customer base in the Netherlands and al
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