Coinbase fined €3.3M by Dutch central bank over failure to register (updated)

The central bank of the Netherlands, De Nederlandsche Bank (DNB), fined Coinbase ( NASDAQ: COIN ) Europe €3.33M for providing cryptocurrency services without registering with the DNB as required, the central bank said Thursday. Under Dutch law, the base amount of the fine is €2M with a maximum of €4M. The DNB said it increased the fine from the base due to Coinbase's ( COIN ) position as one of the largest crypto services providers globally. The central bank also alleges that the company's non-compliance "persisted over a prolonged period of time: from 15 November 2020 until at least 24 August 2022." Coinbase ( COIN ) has until March 2, 2023 to object to the fine, the DNB said. Update at 11:04 AM ET: The company, citing the time it took to obtain registration in the Netherlands, told Seeking Alpha that it disagrees with DNB's enforcement order. The company said it's "carefully considering the objections and appeals process." "We have engaged extensively with DNB and are proud to be the first major global crypto exchange to successfully register with them as a Crypto Service Provider," a Coinbase ( COIN ) spokesperson said. "We should not be penalized for playing by the rules and engaging in the process." Last year, the DNB also imposed a similar fine on Binance for providing crypto services in the country without registering.