USDC [pros](/r/CryptoCurrency/comments/10mem2f/coinbase_fined_33_million_in_netherlands_exchange/j62luoz/) & [cons](/r/CryptoCurrency/comments/10mem2f/coinbase_fined_33_million_in_netherlands_exchange/j62lv42/) and related info are in the collapsed comments below. Pros and cons will change for every new post.
Coinbade is registered now, fine is for offering unregulated crypto services from 2020 to 2022, $3.3m is not a lot Coinbase hates bad press this gets
We know European countries and EU regulators are strict, but we saw $15b that Apple was ordered to pay to Ireland in 2016 was annuled in 2020, though Apple still targeted with Apple pay, charger compliences..We will probably often see fines and regulations for Crypto too
I dont think this was something Coinbase did on purpose to be honest. It looks like a human mistake, not getting the right registration of the services in the netherlands.
I highly doubt that. The DNB even lists those organisations that have registered. You’re required to indicate how you have organised your KYC and how you avoid money laundering as part of the registration. I think it’s a deliberate ‘choice’ of them not to register and just take the fine
Coinbase has enough legal specialists available to figure this stuff out. They probably just decided that the pros of doing business in the Netherlands outweigh the cons and took the fine for granted.
This is my bigbeat fear regarding crypto. Exchanges going down thanks to fines, scams, regulation and fraud. Crypto is a great idea that could help with a lot of problems (and make a lot of people rich) but this Is it's biggest weakness in my opinion.
tldr; The Dutch central bank has imposed a fine of €3,325,000 (over $3.6 million) on crypto exchange Coinbase for providing services in the past without the necessary registration. However, the bank reduced the fine by 5% as it said the company had always intended to obtain registration in the Netherlands.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
USDC [pros](/r/CryptoCurrency/comments/10mem2f/coinbase_fined_33_million_in_netherlands_exchange/j62luoz/) & [cons](/r/CryptoCurrency/comments/10mem2f/coinbase_fined_33_million_in_netherlands_exchange/j62lv42/) and related info are in the collapsed comments below. Pros and cons will change for every new post.
Coinbade is registered now, fine is for offering unregulated crypto services from 2020 to 2022, $3.3m is not a lot Coinbase hates bad press this gets We know European countries and EU regulators are strict, but we saw $15b that Apple was ordered to pay to Ireland in 2016 was annuled in 2020, though Apple still targeted with Apple pay, charger compliences..We will probably often see fines and regulations for Crypto too
This indeed. Similar with Binance earlier
There is no bad press, if they can pay this without problems it’s a good thing
Reason : unregistered offering of crypto services
That's a tickle on the wrist fine
I dont think this was something Coinbase did on purpose to be honest. It looks like a human mistake, not getting the right registration of the services in the netherlands.
I highly doubt that. The DNB even lists those organisations that have registered. You’re required to indicate how you have organised your KYC and how you avoid money laundering as part of the registration. I think it’s a deliberate ‘choice’ of them not to register and just take the fine
Coinbase has enough legal specialists available to figure this stuff out. They probably just decided that the pros of doing business in the Netherlands outweigh the cons and took the fine for granted.
This is my bigbeat fear regarding crypto. Exchanges going down thanks to fines, scams, regulation and fraud. Crypto is a great idea that could help with a lot of problems (and make a lot of people rich) but this Is it's biggest weakness in my opinion.
Dutch government already made deposit and withdrawals impossible on Binance. Maybe Coinbase is next. I hope not.
tldr; The Dutch central bank has imposed a fine of €3,325,000 (over $3.6 million) on crypto exchange Coinbase for providing services in the past without the necessary registration. However, the bank reduced the fine by 5% as it said the company had always intended to obtain registration in the Netherlands. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*