Binance fined by central bank last year! Binance announces exit from the Dutch market, will only provide withdrawal services after mid-July.

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Dutch Central Bank Fines Binance €3.3 Million in 2022

According to earlier reports, Binance was fined by the Dutch Central Bank, De Nederlandsche Bank (DNB), in July 2022 for operating without registration.

DNB stated that Binance had an advantage over its registered competitors during the period of unregistered operation from May 2020 to December 1, 2021, resulting in a fine of €3.3 million, approximately $3.4 million, for the exchange.

DNB also retroactively fined Coinbase €3.3 million for past unregistered operations.

Past Unregistered Operations Also Subject to Fines: Coinbase Fined €3.3 Million by Dutch Central Bank

Binance Announces Exit from Dutch Market

When fined by the Dutch Central Bank, Binance stated that they were actively pursuing licensing and hoped to put all unpleasantness behind them; DNB responded that due to Binance's license application, the fine was reduced by 5%, and Binance's operations during the application process were relatively transparent. However, DNB is still in the process of review.

Apparently, this was just a facade, as Binance ultimately failed to obtain the Virtual Asset Service Provider (VASP) license and announced its exit from the Dutch market.

The announcement stated that they would no longer accept new users from the Netherlands effective immediately. Starting from 2023-07-17 00:00, the platform can only provide withdrawal services, and trading and deposits are no longer available.

Binance emphasized that they will continue to seek other authorization methods to provide products and services to Dutch users.