Coinbase, the leading cryptocurrency exchange based in the United States, just got hit with a penalty of 3.3 million euros ($3.6 million) by the Dutch central bank (DNB) for failing to get the appropriate registration before providing crypto services in the Netherlands. The DNB stated that it had taken into account the fact that Coinbase was one of the largest corporations dealing in cryptocurrencies and had a substantial number of customers in the northwestern European country.
The authorities asserted that Coinbase did not comply with the regulations over the time period extending from November 2020 to August 2022. Coinbase’s business practices have already drawn the attention of government regulators and authorities. A settlement agreement in the amount of $100 million was reached between Coinbase Global Inc. and the New York Department of Financial Services (DFS) earlier this month.
It is anticipated that the share price of Coinbase (COIN) would react to the news as soon as the U.S. market opens up for trading on Thursday morning. As things stand, COIN price is marginally holding above the $50 mark–at $52.76–witnessing a significant drop of 1.48% yesterday.
This is a developing story and is being frequently updated.
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