Cryptocurrency platform Crypto.com got fined a hefty €2.85 million (around $3.1 million)
by the Netherlands’ central bank. Why? They offered cryptocurrency trading services in the country for over two years without following the rules.
Here’s the deal: In the Netherlands, companies dealing with money, including cryptocurrency, need a special license to operate. This helps prevent crime like money laundering. Crypto.com skipped this step, giving them an unfair advantage over competitors who followed the rules.
Crypto.com isn’t happy about the fine. They argue they’ve since gotten the license and the issue is resolved. They also think the fine is too high.
But the Dutch regulators disagree. They say the fine is fair considering the long period Crypto.com operated without a license and the large number of Dutch customers they served. They also point out that Crypto.com avoided paying fees by not being registered.
This isn’t a new issue. The Dutch central bank has fined other cryptocurrency companies like Binance and Coinbase for similar violations. They take following the rules seriously to protect their citizens.
This information is not legal advice. Do your own research before making any decisions. Only invest what you can afford to lose and seek independent financial advice if needed. Understand the risks involved before purchasing any cryptoasset