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Post: Fined by De Nederlandsche Bank: Regulatory Scrutiny in Cryptocurrency Sector Fined by De Nederlandsche Bank: Regulatory Scrutiny in Cryptocurrency Sector

Key Points:

  • was fined by the De Nederlandsche Bank (DNB) for operating without registration for over two years.
  • The fine was imposed in October but was only announced on March 13, with reasons for the delayed announcement unclear.
  • The DNB fined Foris DAX MT, known as, 2.85 million euros for providing crypto services without registration from May 21, 2020, to at least Nov. 8, 2022.
  • The fine was based on the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act, with the base amount of 2 million euros increased due to severity and culpability.

Implications of the Fine:

The De Nederlandsche Bank’s fine on underscores the regulatory scrutiny faced by cryptocurrency service providers. By operating without registration under the Dutch laws, breached the requirements set forth under the Anti-Money Laundering and Anti-Terrorist Financing Act. The significant fine imposed reflects the seriousness with which regulatory bodies approach compliance in the cryptocurrency sector.

Delayed Announcement Concerns:

The delayed announcement of the fine raises questions about transparency and communication between regulatory authorities and the companies they oversee. Understanding the reasons behind the delay in publicizing the fine could shed light on the regulatory processes and timelines involved in such cases.

Compliance and Operational Continuity:

Despite the objection to the fine, proceeded to register and continue its operations in The Netherlands. This indicates the company’s commitment to compliance with regulatory requirements and the willingness to rectify any past non-compliance issues to ensure ongoing operational continuity within the country.

Hot Take:

The cryptocurrency space is increasingly under the regulatory spotlight, emphasizing the importance for companies to adhere to legal frameworks to maintain trust and legitimacy in the industry.’s experience serves as a reminder for cryptocurrency businesses to prioritize compliance measures to navigate evolving regulatory landscapes globally.

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