Crypto Exchange Coinbase Fined 3.6 Million USD In The Netherlands

De Nederlandsche Bank, the Dutch central Bank, fined digital asset exchange Coinbase 3.3 Million Euros (approximately 3.6 Million USD), due to non-compliance with local regulations for financial service providers, as per a Reuters report on 26th January.

The exchange purportedly failed to obtain the required registration to offer services in the Netherlands prior to starting operations in the nation. The De Nederlandsche Bank mentioned it took into consideration the size of the cryptocurrency exchange as a company and the fact that it has a “significant number of customers in the Netherlands.”

The authorities asserted Coinbase was non-compliant during the time period between November 2020 and August, last year.

Since the commencement of the year, the exchange has been in the headlines for several reasons relating to its business operations.

A week later on 18th January, the exchange declared that it will halt its operations in Japan due to the continuing effects of the bear market trading plunge.

In spite of less than desirable developments from the crypto exchange, around the same time as it closed up shop in Japan it was reported that the exchange stock had a sixty nine percent rise from its all-time low.

Moreover, Cathie Wood’s ARK Investment added 17.6 Million dollars in Coinbase stock since the beginning of this year.