to Appeal $3.1 Million Dutch Fine

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  • will appeal a $3.1 million fine from the Dutch central bank which accused it of operating without a license
  • Foris DAX MT Limited, operator of, was penalized for operating without registering with the regulator, persisting for about two years
  • The fine echoes similar ones meted out to Coinbase and Binance will appeal a €2.85 million ($3.12 million) fine levied against it by the Dutch central bank last year, saying it is “disappointed” by the decision. The penalty was imposed on Foris DAX MT Limited (DAX MT), the operator of, for providing services in the Netherlands without registering with De Nederlandsche Bank (DNB), according to the notice, with the violation persisting for approximately two years before the platform finally registered with the regulator in July 2023. The fine is similar to those levied against Coinbase and Binance in the past and shows that the DNB isn’t letting up in its policing of the crypto space. Gained an Advantage by Not Registering

Under Dutch law, companies must register with DNB under anti-money laundering and anti-terrorist financing legislation to operate in the country following recently introduced legislation. As with Binance and Coinbase before it, both of which were fined in the region of €3 million, was fined more than the base fine for these types of breaches, set at €2 million, with the regulator again deciding to increase the fine due to the severity and extent of the non-compliance:

In increasing the fine, DNB took into account the fact that DAX MT has a significant number of customers in the Netherlands that make use of its crypto services.

The notice from the bank also highlighted that DAX MT had gained a competitive advantage by avoiding paying out supervisory fees and that the non-compliance persisted over a considerable period. had until November 2023 to contest the fine, which the exchange confirmed it has done, with a spokesperson saying, “The fine relates to a past and rectified incident and does not impact our ongoing in-market operations or services. We are disappointed and disagree with DNB’s decision to fine Foris DAX MT and are actively appealing this decision.”