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 A ..read more

Crypto.com announced on July 28 it has secured registration approval from De Nederlandsche Bank (DNB) to provide crypto services in the Netherlands. This approval follows Binance’s unsuccessful attempt to secure a similar license earlier this year, with Dutch investors advised to move funds before July 17. Crypto.com granted registration. The granted registration, which came after an evaluation of Crypto.com’s adherence to the Netherlands’ Money Laundering and Terrorist Financing Prevention Act, may trigger discussions about its potential to reshape the crypto market landscape in the Netherlan ..read more

Binance is shuttering operations in the Netherlands after failing to secure a virtual asset provider license from the Dutch central bank. As part of its exit, Binance has offered to move users’ assets for free to rival crypto exchange Coinmerce, which has secured regulatory authorization to operate in the country. The exchange will cease all services for Netherlands-based users on July 17, 2023, and has urged them to move their assets before the deadline. Referral Partnership The referral partnership with Coinmerce is supervised and approved by De Nederlandsche Bank (DNB), according to the Jul ..read more

Binance has suffered further blows to its European business as the exchange confirmed to CryptoSlate that its Euro payment partner, Paysafe, will stop its bank transfers services from September 25. A Paysafe spokesperson corroborated the development to CryptoSlate in a June 29 email, saying that the firm had taken “the decision to cease offering our embedded wallet solution to Binance across the  European Economic Area (EEA) region.” The Paysafe spokesperson added: “Paysafe and Binance are now working to mutually implement an orderly and fair process to terminate this service over the ne ..read more

Binance CEO Changpeng ‘CZ’ Zhao said Netherlands’ posture towards crypto remains “pretty progressive” despite his exchange’s failed registration as a virtual asset service provider (VASP), according to a June 19 tweet. CZ’s statement was in response to a user who criticized Netherlands’ Central Bank, De Nederlandsche Bank (DNB), for refusing to grant foreign entities licenses to operate in the country. The original poster suggested that the regulator was “cherry picking” as it is “hard to believe that only Dutch companies are able to deliver what the DNB is asking for.” In response, Zhao said ..read more

Binance, one of the world’s largest cryptocurrency exchanges, has recently announced its departure from the Dutch market. According to a notice published by the company, the company had failed to secure registration as a virtual asset service provider (VASP) – despite exploring “many alternative avenues” with Dutch regulators. Binance to leave the Dutch Market As reported by Binance, no new users residing in the Netherlands will be accepted from now on. Starting from July 17, 2023, existing Dutch resident users will only be able to withdraw assets from the Binance platform. No further purchase ..read more

A Dutch court approved a request from Tornado Cash developer Alexey Pertsev to be released under surveillance during his third pro forma hearing on April 20. Pertsev will be released on April 26 with an ankle monitor and will be able to attend his hearings from home, according to CryptoCanal founder Eléonore Blanc, who was present at the hearing. Blanc — who is organizing the ETH.DAM event — told CryptoSlate that Pertsev spoke for himself during the hearing and admirably defended his right to personal freedom and the right to be a “crypto builder.” She added: “For once, the judge heard him an ..read more

Dutch authorities arrested an unnamed 29-year-old man suspected to be a Tornado Cash developer in Amsterdam on August 10. According to a press statement issued by the Fiscal Information and Investigation Service on August 12, the man is “suspected of involvement in concealing criminal financial flows and facilitating money laundering through the mixing of cryptocurrencies through the decentralized Ethereum mixing service, Tornado Cash.” The crime agency revealed that it started a criminal investigation into Tornado Cash in June because it suspected that the protocol was being “used to conceal ..read more

Binance has been fined €3.3 million by De Nederlandsche Bank (DNB) for offering unlicensed crypto services to the country residents. The Dutch regulator said it considered Binance’s failure to register with it under the Money Laundering and Terrorist Financing Prevention Act a “very serious” breach of the country’s law. According to the July 18 press statement, the fine was imposed on the exchange on April 25, 2022, after a public warning was issued to the firm in August 2021. De Nederlandsche Bank said the fine was on the high side because Binance has a “very large customer base” in the ..read more

Judging by the number of crypto-related internet searches, the Netherlands came in as the most crypto-curious country among all 46 European nations, according to Dua Crypto’s European Crypto Index. Slovenia and Switzerland followed the Netherlands as the second and third, while the U.K. was ranked 11th, according to Dua Crypto’s data. The study also indicated that Bitcoin (BTC) was the most preferred cryptocurrency in 35 countries out of 46. Dogecoin (DOGE) became the second most preferred crypto, while Ethereum (ETH) was fourth. The study assessed over 40 million Google search queries created ..read more