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.
SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
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.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Source: https://cryptopotato.com/coinbase-fined-3-6-million-by-the-dutch-central-bank-report/
- $3
- 000
- 1
- 2020
- 2022
- 7
- a
- Account
- Additional
- AI
- among
- and
- announced
- approximately
- AUGUST
- background
- Bank
- Banking
- Bear
- Bear Market
- between
- Biggest
- binance
- Binance Futures
- border
- business
- central
- Central Bank
- club
- code
- coinbase
- color
- conditions
- content
- country
- cryptocurrency
- DE NEDERLANDSCHE BANK
- deal
- deposits
- DNB
- Dutch
- Dutch Central Bank
- Economic
- Education
- employees
- enjoy
- Enter
- European
- Euros
- exchange
- Exclusive
- external
- Fees
- field
- fines
- First
- Free
- Futures
- German
- Ground
- Holdings
- Home
- HTTPS
- in
- Institution
- internal
- issues
- IT
- Japan
- Japanese
- Last
- Last Year
- layoffs
- leaders
- Leave
- local
- Margin
- Market
- might
- million
- Month
- Netherlands
- November
- number
- offer
- operating
- partner
- People
- platform
- plato
- Plato Data Intelligence
- PlatoData
- Premium
- Products
- promote
- provide
- Reading
- receive
- recently
- register
- report
- Reuters
- rules
- Said
- Second
- serve
- Services
- Share
- Soccer
- solid
- special
- Sponsored
- Stop
- team
- The
- the Netherlands
- their
- to
- Total
- Trading
- true
- users
- Wave
- week
- which
- while
- will
- withdraw
- Workforce
- year
- Your
- zephyrnet