One of the leading cryptocurrency exchanges in the world, Binance, despite its status, has not received the necessary permits to operate in the Netherlands, but continued to operate there. The country's government did not stand by and punished the company with a hefty fine.

Announcement of the fine for Binance Holdings was made by the Central Bank of the Netherlands, ordering the company to pay the state 3.3 million euros. It is noted that by their actions the exchange violated the law on legalization of income. Also taking advantage of the fact that the company did not pay taxes, it was able to take a dominant position in relation to its competitors, who are registered in the Netherlands.

According to the Central Bank, the fact that Binance provides its services without full control of the state allows us to talk about the risks associated with the involvement of exchange customers in terrorist financing and money laundering.

Less than a year ago, the regulator publicly demanded the company to register and also reported on the probable imposition of sanctions. The exchange ignored this warning, which will now have to pay a fine. However, the company has already announced its intention to challenge the Central Bank's decision.