Crypto.com has suffered a setback in the Netherlands, where the central bank imposed a high fine of 2.85 million euros ($3.11 million). Crypto.com was penalized because it failed to register as necessary to provide services in the country.
Firms in the Netherlands that want to provide cryptocurrencycurrency services should apply for a Central Bank license to comply with the summons to utilize anti-money laundering and counter-terrorism financing regulations among the business community.
The central bank decided to impose sanctions against Crypto.com in October, but this decision was not made public. The Dutch National Bank (DNB) slapped a substantial fine on Crypto.com for illegally operating in the Dutch market without DNB clearance.
The Netherlands has always provided obstacles to bitcoin firms looking to extend their operations. Crypto.com got a Virtual Asset Service Provider (VASP) license in Spain, allowing it to sell its products in that nation, but the Dutch market has proven more challenging to navigate.
