The central bank of the Netherlands – De Nederlandsche Bank (DNB) – reportedly fines Coinbase 3.3 million euros ($3.6 million) for failing to comply with local rules.

The exchange recently announced its second wave of layoffs and said it will stop operating on the Japanese market.

As reported by Reuters, the central banking institution of the Netherlands fined Coinbase $3.6 million for failing to register its services in the European country between November 2020 and August 2022. 
The DNB took into account that the platform is among the leaders in its field and has a “significant number of customers” on local soil.
The bear market has disrupted the business of the trading venue, which dismissed approximately 18% of its total workforce last year and laid off additional 950 people this month.
Coinbase also announced it will leave Japan, citing unfavorable economic conditions. Deposits were halted last week, while Japanese users have until mid-February to withdraw their holdings.
Despite the issues, the exchange doubled down on its deal with the German soccer club – Borussia Dortmund – and will serve as its Premium Partner. 
Coinbase will also promote its services and products on Signal-Iduna-Park (Germany’s biggest stadium and home ground of the team) and provide cryptocurrency education for Borussia’s employees.

The post Coinbase Fined $3.6 Million by the Dutch Central Bank (Report) appeared first on CryptoPotato.

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Filed under: Bitcoin - @ January 26, 2023 11:21 am