Crypto News – The Dutch central bank shouldn’t have made Binance successor Coinmerce and others pay for their anti-money laundering registration, a Rotterdam court said
Legal Victory for Dutch Crypto Companies: They Don’t Have to Pay $2.3 Million Audit Bill
According to two rulings handed down by a Rotterdam court on Wednesday, the Dutch Central Bank (DNB) exceeded its legal authority when it demanded that businesses register for anti-money laundering purposes.
The way in which DNB assesses registration requests is contrary to the scope of the registration obligation for crypto service providers. It is not possible to lawfully charge supervisory costs for the year 2021 to crypto service providers.
the court
Judges ruled that the laws should still be regarded as being under supervision and that they continue to be in line with broad standards of good governance. Judges ruled that the decision is irrelevant to fees for 2020 and that a different legal dispute is still pending about 2022 rates.
Netherlands Fined Coinbase and Binance
The Netherlands has adopted a severe stance against cryptocurrency companies, fining Coinbase and Binance millions of euros for failing to register, even though it will soon have to implement the strict EU Markets in Crypto Assets licensing scheme. Gemini, a cryptocurrency exchange, recently stated that it would be leaving the nation owing to DNB regulations, and Binance followed suit by moving its Dutch customers to Coinmerce.
The industry association that organized the complaint, the United Bitcoin Companies of the Netherlands (VBNL), Patrick van der Meijde, said his group was “pleased that the court has found that the registration obligation as resulting from (EU anti-money laundering legislation) has been violated in the Netherlands.”
The great costs of this should not have been passed on, because they fall outside DNB’s mandate,
van der Meijde
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