Recently, Coinbase was fined $3.3 million by De Nederlandsche Bank (DNB), the Dutch central bank, for engaging in unauthorized cryptocurrency activities in the Netherlands from November 2020 to August 24, 2022 (or even longer).

Initially, the fine was set at 2 million euros as it was the first penalty issued by DNB to the exchange, and Coinbase was one of the largest exchanges in the world with significant business in the Netherlands. Later, DNB increased the amount of the fine.

In May 2020, in order to curb money laundering and terrorist financing, DNB imposed new requirements on all cryptocurrency service providers, requiring them to register locally. Since November of the same year, Coinbase has been operating in the country without registration.

Last July, DNB imposed a fine of 3.3 million euros on Coin An due to the exchange providing services to local Dutch people without regulation. At that time, DNB emphasized the risks of cryptocurrency as a money laundering tool.

Coinbase has recently encountered the same problem. Due to concerns about encryption during the winter, Coinbase has recently laid off a significant portion of its employees. Later, it mediated all contacts with the Japanese market and closed all local businesses there.