Central Bank of the Netherlands De Nederlandsche Bank (DNB) fined the cryptocurrency exchange Coinbase for 3.3 million euros ($3.6 million) for failing to comply with local regulations for financial service providers.
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It is reported that the exchange did not receive the necessaryregistration for the provision of services in the Netherlands before starting work in the country. DNB said it took into account the size of Coinbase as a company and the fact that it has “a significant number of customers in the Netherlands.”
Authorities said Coinbase was not compliantrequirements between November 2020 and August 2022. In December 2022, DNB targeted cryptocurrency exchange KuCoin, claiming that it too operates without a license and therefore offers services illegally.
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Coinbase CEO calls for making Bitcoin legal tender for Brazil, Argentina.
Since the beginning of the year, Coinbase has made headlines for numerous reasons related to its commercial activities.
On January 10, the company announced a 20% cutpersonnel due to operational restructuring. On the same day, the brother of the former head of the crypto exchange was sentenced to 10 months in prison for insider trading, the first known case of this kind in the crypto industry.
A week later, on January 18, Coinbase announced thatis terminating operations in Japan due to the ongoing effects of the bear market downturn. Despite the bad news at the same time, Coinbase shares were reported to be up 69% from all-time lows. BesidesARK Investment Kathy Wood has added $17.6 million to Coinbase stock since the start of 2023.