HomeCryptoCoinbase Fined $3.6 Million by the Dutch Central Bank (Report)

Coinbase Fined $3.6 Million by the Dutch Central Bank (Report)

The central bank of the Netherlands – De Nederlandsche Bank (DNB) – reportedly fines Coinbase 3.3 million euros ($3.6 million) for failing to comply with local rules.

The exchange recently announced its second wave of layoffs and said it will stop operating on the Japanese market.

  • As reported by Reuters, the central banking institution of the Netherlands fined Coinbase $3.6 million for failing to register its services in the European country between November 2020 and August 2022. 
  • The DNB took into account that the platform is among the leaders in its field and has a “significant number of customers” on local soil.
  • The bear market has disrupted the business of the trading venue, which dismissed approximately 18% of its total workforce last year and laid off additional 950 people this month.
  • Coinbase also announced it will leave Japan, citing unfavorable economic conditions. Deposits were halted last week, while Japanese users have until mid-February to withdraw their holdings.
  • Despite the issues, the exchange doubled down on its deal with the German soccer club – Borussia Dortmund – and will serve as its Premium Partner. 
  • Coinbase will also promote its services and products on Signal-Iduna-Park (Germany’s biggest stadium and home ground of the team) and provide cryptocurrency education for Borussia’s employees.

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Source link



Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Recent Comments