Netherlands Central Bank Fines Coinbase IDR 54 Billion, This Is The Cause!

Netherlands Central Bank (DNB) has fined Coinbase 3.3 million euros. (photo: twitter @coinbase)

JAKARTA - Netherlands Central Bank (DNB) has fined US-based cryptocurrency exchange Coinbase 3.3 million euros (IDR 54 billion) for failing to make proper registrations in the Netherlands prior to offering its services.

The same fine has also been issued to Coinbase's rival, Binance, in July 2022.

Coinbase said it disagreed with DNB's decision, which it said "did not include any actual criticism of our service" and was considering appealing the fine's decision.

So far, cryptocurrency companies operating in the Netherlands have been required to register as senders of money under the country's anti-money laundering rules since May 2020.

DNB said Coinbase had not been able to adjust the rules between November 2020 and "at least" August 2022, before being successfully registered on September 22, 2022.

"During that period a significant number of unusual transactions may have gone unnoticed by the investigating authorities," DNB said.

DNB said it had taken into account that Coinbase was one of the largest cryptocurrency companies and had a "significant number of customers in the Netherlands".

Coinbase now has until March 2 to appeal the DNB decision.