CDS Crypto News Legal Victory for Dutch Crypto Companies: They Don’t Have to Pay $2.3 Million Audit Bill
Crypto News

Legal Victory for Dutch Crypto Companies: They Don’t Have to Pay $2.3 Million Audit Bill

Dutch crypto companies celebrate their victory.

367
Legal Victory For Dutch Crypto Companies: They Don'T Have To Pay $2.3 Million Audit Bill

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
Legal Victory For Dutch Crypto Companies: They Don'T Have To Pay $2.3 Million Audit Bill
Sources:coindesk
Written by
lectertodd

Lectertodd is 27 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

Leave a comment

Leave a Reply

Related Articles

Sui Blockchain Faces First Major Outage: What Happened and What’s Next

Sui blockchain faces its first major outage—learn what happened, the impact on...

MicroStrategy Stock Reaches New High as Bitcoin Surges Above $98,000

MicroStrategy’s stock surged to a new all-time high as Bitcoin reached $98,000,...

Mysten Labs Resolves Sui Blockchain Outage, dApps Resume Functioning

Mysten Labs Resolves Sui Blockchain Outage, dApps Resume Functioning

Top 3 Cryptos on November 21: Qubetics Soars as Ethereum and Solana Face Resistance

Top 3 Cryptos on November 21: Qubetics Soars as Ethereum and Solana...